Mumbai: Speaking at a conference on the India-Middle East-Europe Economic Corridor (IMEC), Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday that India is ready to "collaborate openly" to build an inclusive global energy future. "India is ready to lead responsibly, collaborate openly and build sustainably as we build an inclusive global energy future," he added.
He said the IMEC is not just a transport corridor, but the initiative attempts a "rekindling" of the Golden Road, which was the primary travel corridor of the ancient world. India aims to integrate energy, trade and digital infrastructure while advancing clean energy solutions like undersea cables and hydrogen pipelines through the platform, said Puri.
The country has diversified its energy sources and strengthened partnerships worldwide, even as it has been importing most of its crude oil, he said. The government is also boosting domestic energy production, promoting ethanol blending and leading in green hydrogen initiatives, the minister said.
Puri said when he took charge of the Petroleum Ministry in 2021, India was consuming 5 million barrels of crude oil per day, which has risen to 5.5 million barrels, and added that the same is expected to reach 13.2 million barrels per day by 2050 as the economy grows. "India's energy strategy reflects its economic ambition and imminent place in global leadership," he said. Energy is not just an input for economic growth, it also reflects a nation's confidence, ambition and long-term direction, he added.