News: Prime Minister(PM) has delivered an inaugural address at the India Energy Forum CERAWeek.
- Organised by: It is an annual event organized by NITI Aayog and Ministry of Petroleum & Natural Gas.
- Objective: To deliver a global platform to understand best-practices, discuss reforms, and inform strategies for accelerating investments into the Indian Oil and Gas value chains.
Key Highlights of the address:
- Renewable Energy Target: India has the target to increase the installed renewable energy capacity to 175 GW by 2022 that has been further extended to 450 GW by 2030.
- Aviation Market: India is the third largest and the fastest growing aviation market in terms of domestic aviation and Indian carriers are projected to increase their fleet size from 600 to 1200 by 2024.
- India allows 100% FDI in exploration and production projects and has permitted 49% FDI in public sector refining under the automatic route.
- Seven Key Drivers: India’s energy map will have seven key drivers:
- Accelerating our efforts to move towards a gas-based economy.
- Cleaner use of fossil fuels particularly petroleum and coal
- Greater reliance on domestic sources to drive biofuels.
- Achieving the renewables target of 450 GW by 2030.
- Increasing the contribution of electricity to decarbonize mobility.
- Moving into the emerging fuels including hydrogen
- Digital innovation across all the energy systems.