LONDON: Expressing confidence that India is set to become the biggest energy market, Power Minister PiyushGoyal has said that affordability, access and inclusiveness are driving India’s energy policies.
“India, which is projected to see demand quadruple in the coming years will also lead the way in scaling up energy efficiency in line with commitments towards combating the challenges of climate change,” Goyal, said at an investors roundtable on renewable energy here late yesterday.
Speaking at the roundtable, organised by industry body CII, the Minister for Coal and New and Renewable Energy said India’s growth story in India has just begun with the “country set to become the largest energy market” representing aspirations of a billion plus people in the coming years.
This is even more significant in view of global scenario when most developed economies are witnessing a declining trend in their energy demand, he added.
“The idea is to make power available to all at affordable prices. Our policies have to make a difference to the last man at the bottom of the pyramid and change his life for the better,” he said.
Citing examples of how solar tariffs have dipped to Rs 4.34 per unit through competitive transparent systems he emphasised that scale will have a large role to play in bringing down costs.
The minister said India and the UK are natural partners and a deeper engagement can lead to a win win for both nations and economies.
While India will gain from new technologies, UK can make the same technologies more accessible by manufacturing in India, capitalising on Indian skills and the scale to bring down costs, he added.
Elaborating on how India is leading from the front on issues relating to climate change, Goyal said India is among the few nations that has imposed a carbon tax even as measures are being taken to scale up energy efficiency and de carbonise the transport industry.
He also informed the gathering of investors on detailed plans of how electric vehicles were being promoted as an alternative to ones being run on petroleum fuels.
“For a country like India, replacing petroleum fuel is even more important as this would reduce import dependence and ensure energy security,” Goyal added.