India of today is India in transition, Energy critical driver of growth: Hardeep S Puri

NEW DELHI, 03 November 2022: Mr Hardeep S Puri, Minister of Petroleum and Natural Gas & Housing and Urban Affairs, Govt of India today said that as India is facing certain challenges, our attempt is to convert these challenges into opportunities. “India today is clearly an India in transition,” he added.

Addressing the day 2 of INDIA CHEM 2022, organized by FICCI, jointly with the Ministry of Chemicals & Fertilizers, Govt of India, Mr Puri while speaking on the high global energy prices, stated that we have been able to navigate global prices. “Clearly when prices are high, the situation will be inflationary,” he added. The world’s largest economy has faced negative growth along with many of the European countries which are facing very challenging times.

India, Mr Puri said will be affected by high petrol prices but so far, we have navigated through it. The government brought down the central excise on two occasions in November ‘21 and May ‘22 even at a time when we were feeding 800 million people 3 meals of dry ration in a day. “We will continue to take such steps but the high energy prices, globally will result in more inflation and recession and unless it is corrected there will be pressure on the global economies,” he emphasized.

The Minister further stated, “We are taking corrective measures including the new pipeline and other innovative steps like introduction of solar cooker, which in the coming months will make a major impact in lowering the demand for domestic kitchen energy because it will feed on the natural sunlight,” he noted.

Mr Puri highlighted that Indian economy is growing at a rate of 7 per cent, and energy is a critical driver of growth. “Our refining capacity, which currently stands at about 252 million metric per annum is likely to go up to about 400 million metric tons per annum in the coming years. We are also transiting from the fossil fuel based energy to a greener energy including solar, wind and compressed biogas,” he added.

Dr Shishir Sinha, Director General, CIPET said that major impetus should be given to recycling, reuse, rethinking in the chemicals and petrochemicals sector. Industry academia should come forward in partnership for market research and feedback on innovations in petrochemical segment which will lead to overall growth of the industry, he added.

Mr Prabh Das, Chairman- FICCI Petrochemicals Committee and MD & CEO, HMEL Mittal said that encouraging people to setup and manufacture in India will make it possible for country to meet our domestic as well as export requirements in much shorter time

Mr Arun Baroka, Secretary (Chemicals and Petrochemicals), Ministry of Chemicals & Fertilizers, Govt of India delivered the welcome address.