Power Minister Piyush Goyal has said that India will become the largest energy market with the country’s demand set to quadruple in the coming years.
“India, which is projected to see its demand quadrupling in the coming years, will also lead the way in scaling up energy efficiency in line with its commitments towards combating the challenges of climate change,” Goyal said at a Confederation of Indian Industry (CII) investors roundtable conference on renewable energy here late on Tuesday.
Goyal said a rise in India’s energy demands is more significant in view of the global scenario when most developed economies are witnessing a declining trend in their energy demand.
“India is developing its energy policies driven by affordability, access and inclusiveness. The idea is to make power available to all at affordable prices,” he said while elaborating on how cost will play a big role in the Indian market.
Citing examples of how solar tariffs have dipped through competitive transparent systems he said that scale will have a large role to play in bringing down costs.
Goyal said that a deeper engagement between India and UK 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, capitalizing on Indian skills and the scale to bring down costs,” he said.
“For a country like India, replacing petroleum fuel is even more important as this would reduce import dependence and ensure energy security,” Goyal added.
India has set a renewable energy target of 175 GW of renewable energy by 2022 that comprises 100 GW of solar and 60 GW of wind capacity.