GANDHINAGAR: Prime Minister Narendra Modi on Saturday said India will double its oil refining capacity in the next five years, offering a more aggressive timeline than the previously estinated. Addressing the 8th convocation of Pandit Deen Dayal Upadhyay Petroleum University, Gandhinagar, he said, “work is being done to nearly double the country’s oil refining capacity in the next five years”.
Modi added that the country will also multiply the usage of natural gas by four-fold and is working to reduce its carbon footprint.
“The country is trying to reduce its carbon footprint by 30-35 per cent today. The world was amazed when they got to know about it. We need to increase natural gas’ usage by 4 times for our energy needs,” the Prime Minister said.
Modi added that the share of natural gas in its energy-consumption mix will be up four times. India is moving swiftly on the solar energy scale.
“Today, the per unit cost has dropped from Rs 12-13 to under Rs 2,” he claimed, adding that solar power has become an “integral part of the nation”.
The cleaner-burning fuel currently accounts for about six per cent of the energy consumed in the country.
Modi set the target to meet 175 GW of renewable energy by 2022 and 450 GW by 2030 ahead of schedule. The country had renewable energy capacity of about 75 GW in 2018.
Telling students that India was passing through a transitional phase, Modi asked them to keep optimism high.
“Major changes are taking place around the world and there are several opportunities available for the growth of entrepreneurship and employment. It is not an easy thing to graduate at a time when the world is facing such a crisis. But your abilities are much bigger than these challenges,” he said.
The convocation was also was attended virtually by industrialist Mukesh Ambani and chief Minister of Gujarat Vijay Rupani, among others.
“Our nation has faced many adversities in the past and has emerged stronger each time. In the post-Covid era, I foresee explosive and exponential growth in the Indian economy. Within a couple of decades, India will be among the world’s top three economies,” said Ambani.
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