Hardeep Puri: India’s Journey to a $4 Trillion Economy Fueled by Robust Growth

Hardeep Singh Puri, the Union Petroleum Minister, emphasized India’s unwavering commitment to sustainability and the green energy transition despite recent geopolitical challenges. Speaking at the World Economic Forum in Davos, he highlighted Prime Minister Modi’s leadership in propelling India towards a USD 4 trillion economy with a robust growth rate. Puri noted India’s rapid energy consumption, outpacing the global average, and highlighted that a quarter of the global energy demand growth in the next two decades will come from India.

Acknowledging India’s reliance on global crude oil sources as the third-largest importer, Puri stated that India has not allowed domestic concerns to compromise its commitment to sustainability. He stressed the need for a pragmatic approach to address developmental challenges while transitioning to sustainability, ensuring the delivery of basic welfare to a growing population. Puri cited India’s strategic decisions during crises to avoid a surge in oil prices, emphasizing the government’s consciousness of global commitments to sustainability.

Referring to India’s biofuel and green hydrogen program, Puri reiterated the nation’s dedication to sustainability. He highlighted India’s ambitious “Panchamrit” pledge at COP26, including targets such as reaching 500 GW of non-fossil electricity capacity, generating half of energy from renewables, reducing emissions by 1 billion tonnes by 2030, and achieving net-zero emissions by 2070. Puri underscored that India’s response to new challenges maintains a global commitment to sustainability, encapsulated in its comprehensive environmental goals.