Prime minister Narendra Modi has called upon energy companies to become multinational; work towards India-Middle East, India-Central Asia, and India-South Asia energy corridors; and establish gas positions in North America and Africa. “Our target has to be higher, only then we can reduce the import… for that we have to make effort,” he said at the inaugural session of energy conference ‘Urja Sangam’ in New Delhi.
Power minister Piyush Goyal, while addressing the conference organised by the ministry of petroleum and natural gas, said India can save up to $7 billion annually by replacing incandescent lamps with LED bulbs.
“We have set challenging targets to save energy as energy conservation has an equally important role to play with generation. We are looking at savings of nearly 100 billion units of power, by the use of LED lights, translating into $7 billion annually,” Goyal said.
India, which has rolled out the world’s biggest mechanism for direct account transfer of cooking gas subsidy, is targeting to reduce the energy import burden by at least 10% by 2022.
As March 2, 81% active LPG consumers (11.74 crore) have joined the PaHaL scheme. About R6,745.41 crore has been transferred since November 15, 2014, through 18.9 crore transactions.
Modi said if imports, which account for a staggering 77% of the demand, are cut by 10% by 2022, the country and by half by 2030. The nation’s crude import bill has sky rocketed from $112.1 billion in FY11 to $ 155.7 billion in FY14. On the other hand, production of oil and gas from domestic fields is rather stagnant.
“If we become successful in reducing import by 10% in 2022, by achieving 10% growth in domestic production, then I can assure you that by 2030 we can reduce this import to 50%,” he added.