India target to become ‘Energy Independent’ by 2047
Prime Minister Narendra Modi while addressing the nation on August 15, highlighted India’s target to become ‘energy independent’ by 2047, when India will be celebrating 100th year of Independence.
- India targets to become energy independent through a mix of electric mobility, gas-based economy and mixing ethanol in petrol.
- Prime Minister highlighted his target of making India a hub for hydrogen production.
- Currently, India spends more Rs 12 lakh crore on energy imports per year.
Roadmap to become energy independent
Roadmap for India to become energy independent include:
- Increasing usage of natural gas in the economy
- Setting up a network of CNG and piped natural gas network throughout India
- Blending 20 per cent ethanol in petrol and electric mobility.
India’s current achievement
Presently, India has achieved the target of 100 gigawatts of renewable energy capacity much before the set the target.
Energy policy of India
Energy Policy of India is defined by expanding energy deficit and increased focus of India on developing alternative sources of energy like nuclear, solar and wind energy. As of 2017, India has attained 63% overall energy self-sufficiency.
Primary Energy Consumption in India
Primary energy consumption in India has increased by 2.3% in 2019. It has become the third biggest consumer after China and USA, with global share of 5.8%.
India’s net import
As of 2018, India’s net imports were about 205.3 million tons of crude oil and its products, 26.3 Mtoe of LNG and 141.7 Mtoe coal. They totalled to 46.13% of total primary energy consumption. India is largely dependent on fossil fuel imports to meet its domestic energy demands. As per reports, India’s dependence on energy imports is expected to exceed 53% by 2030.
Category: Economy & Banking Current Affairs - 2022
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