Hey there, folks! Let’s dive into the latest news on India’s energy security, straight from the Pune International Centre’s Foundation Day lecture.
1. India’s Energy Security: Minister of Petroleum and Natural Gas, Hardeep Singh Puri, highlighted the need for strategic petroleum reserves and increased exploration and production to reduce India’s heavy reliance on imported fuel. With a population of 1.4 billion and energy consumption projected to skyrocket, India is set to play a major role in the global energy landscape.
2. Challenges Ahead: Puri emphasized the challenges in bringing petrol and diesel under GST, citing differing interests of state governments. He also mentioned the potential impact of rising geopolitical tensions on oil prices, but hinted at the US potentially increasing crude oil supply post-presidential elections.
3. Energy Transition: Puri discussed the importance of transitioning to renewable energy sources and highlighted green hydrogen as a key fuel for the future. He noted that advancements in technology could help overcome cost challenges associated with renewable energy.
4. Audience Interaction: During a lively Q&A session, Puri addressed questions on fuel tariffs, the need for India to produce LNG carriers, and the inclusion of fossil fuels under GST.
5. Closing Remarks: Dr. Raghunath Mashelkar, president of PIC, stressed the importance of reducing India’s fuel import bill and advancing renewable energy initiatives. Puri was felicitated by Dr. Mashelkar and Dr. Vijay Kelkar, Vice President of PIC, who presented him with PIC publications.
That’s a wrap on the latest in India’s energy security strategy. Stay tuned for more updates on this crucial issue!
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