Prime Minister Narendra Modi on Monday laid out his vision of making India the world's third-largest economy with a focus on renewable energy, biofuels and hydrogen as he pivots a roadmap to cut reliance on imported oil and gas.
Modi met top oil and gas industry leaders for the annual brainstorming to discuss ideas and initiatives to put India on a sustainable growth path, sources aware of the matter said. The meeting on the sidelines of the India Energy Week here saw the Prime Minister outline his vision to make India the world's third-largest economy from the current fifth-largest. For this, the fuel needed should come from renewables, biofuels and hydrogen.
Sources said at the meeting Modi spoke of using 100 per cent renewable energy and increasing blends of ethanol and biofuels in traditional fuels. Also, he talked about making India the world's largest hydrogen-producing nation. Hydrogen is the cleanest known fuel which on burning emits only water and oxygen.
Sources said heads of international oil companies such as BP plc of UK, ExxonMobil and TotalEnergies participated. Rosneft head Igor Sechin too attended the meeting. Heads of Indian public sector companies, as well as international Energy Agency (IEA) executive director Fatih Birol, too attended the meeting. Mining billionaire Anil Agarwal as well as Tullow Oil CEO Rahul Dhir were also present.
Sources said industry leaders spoke of imperatives for making India the world leader. Some wanted taxes in the oil and gas sector to be brought down to global levels of 40 per cent from the current 70 per cent, while others talked about enabling ease of doing business through self-certification.