In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth 50 billion rupees for caverns in the southern cities of Mangalore and Visakhapatnam.
Union minister Hardeep Singh Puri cited India s pragmatic approach in dealing with the implications of the Ukraine-Russia war at the World Economic Forum Annual Meeting. Puri said changes that are taking across the world and with the multiple crises out there, for a country like India it needs to ensure sustainable growth while delivering to its growing population.
India aims to achieve its target of 50% renewable energy capacity by 2030, ahead of schedule. The country plans to have 485 GW of renewable energy out of a total capacity of 500 GW from non-fossil sources. Currently, renewable energy accounts for over 42% of India s total energy capacity. The renewable energy capacity has increased from 76 GW in 2014 to 180 GW at present. Another 175 GW of renewable energy capacity is under implementation.
India has already rolled out 20 per cent blended fuel, though in a phased manner, in April 2023 and widespread availability is expected in days to come. The government is ambitious of attaining 20 per cent ethanol-blended petrol by 2024-25 and 30 per cent by 2029-30. The government has advanced the target of E20 fuel from 2030 to 2025.
The CEA pointed out that the calculations for net zero needed to take into account the relocation and labour displacement costs. “Nobody is saying it (transition) is not imperative, but it is important to be realistic about what we want to do and in what time frame and the trade-offs,” he stated.