New Delhi: Inaugurating the fourth India Energy Forum CERAWeek on Monday, Prime Minister Narendra Modi said that a self-reliant India will be a force-multiplier for the world economy. In his speech PM Modi said the Coronavirus pandemic had resulted in global energy demand falling by one-third, impacting investment decisions and predictions of a contraction in demand over the next few years. ALSO READ | Will Bring New Legislation To Tackle Air Pollution In Delhi-NRC, Centre Tells Supreme Court

But India is likely to see energy consumption double over the long term, he said. The prime minister also stressed on the use of energy justice, while mentioning India's growing energy needs as it develops.

"India's energy plans aim to ensure energy justice. That too, while fully following our global commitments for sustainable goals," he said.

"With a smaller carbon footprint, our energy sector will be growth-centric, industry-friendly, and environment-conscious. That is why India is one of the most active nations in furthering renewable sources of energy," PM Modi added.


India, he said, was on track to meet its COP21 commitment of raising electricity generation from renewable energy sources to 175 gigawatts by 2022.

"We have further extended the target to 450 GW by 2030," he said, adding India has one of the lowest carbon emissions.

Praising the country’s efforts for energy conservation, PM Modi said, “In the last six years, over 11 million smart LED street lights were installed. This has enabled an estimated energy saving of 60 billion units per year. The estimated greenhouse gas emission reduction with this programme is over 4.5 crore tonnes of CO2 annually."

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The prime minister said that the conservation efforts have helped India save Rs 24,000 crore in energy costs annually.

Throwing light on the oil and gas production and exploration regime as well as marketing, the Prime Minister highlighted the transformational reforms in the energy sector for the last five years.


"India's reform journey has been on the high speed in the last five years," he emphasized.

Focusing on the aim to make the country a gas-based economy, the nation would also be raising oil refining capacity from 250 million tonnes per annum currently to 450 million tonnes by 2025 to keep self-reliance in sync with demand, he said.

India's energy future is bright and secure, Modi said, adding access to energy should be affordable and reliable.