By IANS,
Gandhinagar : India is witnessing a robust 5 percent growth in the oil and gas sector, yet it continues to be a major importer of energy, Gas Authority of India Limited (GAIL) Chairman and Managing Director U.D. Choubey said here Monday.
“When the world average is 2.5 percent ours is double at 5 percent,” he said.
Choubey was here as chief guest during the launch of two year post graduate management programme for executives in the petroleum sector at the Institute of Petroleum Management (IPMG), an institution under Pandit Deendayal Petroleum University (PDPU), at Raisan here.
“Yet it is unfortunate that even with 5 per cent growth the country happens to be a major importer of energy be it oil or gas,” Choubey said.
Six percent of our GDP is eaten away in importing 75 percent of our energy needs. By 2020 the imports could touch 95 percent. Given this scenario even to achieve 8 percent sustained growth would require three to four times more energy and five to seven times in terms of electricity consumption, he said.
“How are we going to achieve it? Innovative ways have to be found by future managers who graduate out of institutes like IPMG,” he said. The oil and gas sector is the most fundamental for growth of the economy. It is a sector which is in sync with all walks of life, he said.
“I am very happy that IPMG is focusing on non-conventional energy. Solar energy too needs much more emphasis. In Spain 45 percent of energy comes from wind. More use of hydrogen is also needed. Though I don’t know much about nuclear energy even it will need serious consideration. Generating clean energy from non-conventional sources and production of ‘clean fuel’ will be the future for the energy sector world over and to bridge the demand and supply gap,” Choubey said.