Hardeep Singh Puri, Minister of Petroleum and Natural Gas, emphasized the significance of India’s energy and shipping sectors during the ‘Revitalizing India’s Maritime Manufacturing Conference’ in Mumbai.
He highlighted India’s rapid GDP growth, now at approximately $4.3 trillion, largely driven by trade, which underlines the importance of shipping. India consumes about 5.6 million barrels of crude oil daily, with projections indicating a rise to 6 million barrels soon.
The country is expected to contribute to nearly 30% of the global increase in energy demand over the next two decades, necessitating a greater shipping capacity for oil and gas transport.
Puri noted that the oil and gas sector represents 28% of India’s trade volume, emphasizing the heavy reliance on imports for crude oil and gas.
He mentioned that freight costs significantly impact the import bill, with Indian companies spending nearly $8 billion on chartering ships over the past five years, despite only 20% of trade being carried by Indian vessels.
To address this, the government plans to enhance ship ownership and manufacturing through various initiatives, including long-term charters for Indian carriers and establishing a Maritime Development Fund.
Under Prime Minister Modi’s leadership, India has seen substantial improvements in its maritime sector, including increased port capacity and reduced turnaround times.
Notable shipyards are now producing advanced vessels, and collaborations with international firms are enhancing domestic capabilities. Puri projected that investments in the maritime sector could reach Rs 8 trillion by 2047, creating 1.5 crore jobs and highlighting India’s role in global trade routes through initiatives like the India–Middle East–Europe Economic Corridor. He concluded by stating that India views its oceans as pathways to growth, committed to modernizing its maritime infrastructure and fostering international partnerships.
On October 28, the Jammu and Kashmir government announced that the provision of 200 units of free electricity for poor households will be contingent upon the installation of rooftop solar panels.
This initiative is part of the PM Surya Ghar: Muft Bijli Yojana, targeting Antyodaya Anna Yojana families. Approximately 2.22 lakh families have been identified to benefit from a 2-kilowatt solar plant that will enable them to access free electricity once operational.
The project has received in-principle approval from the Ministry of New and Renewable Energy, with implementation set to commence following necessary approvals. Additionally, the government disclosed that 6.52 lakh smart meters have been installed, with no plans for privatization of their management.
Opposition members urged prompt implementation of the free power initiative amidst rising electricity costs and seasonal challenges.
Source – sarkaritel.com
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