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IEF '18: Energy sector key to India's economic growth, says Swaraj

ANI  |  New Delhi [India] 

(EAM) Swaraj on Thursday underscored that the sector was a key engine for an increment economic growth of the country.

Delivering the valedictory speech at the 16th edition of International Forum (IEF) Ministerial Meeting, Swaraj said, "and gas are strategic commodities. is a key engine of our economic growth. We are focusing on We are also focusing towards incremental growth in the area of energy."

Swaraj also said that when and co-founded the (ISA) in 2016, both the countries wished to promote on a global scale.

"The ISA is now a reality today due to efforts by and Energy is a key element of diplomatic engagement and outreach. Geopolitics is a complex and an evolving subject. But geopolitics of much more complex," she said.

The EAM added that was working to promote climate justice in order to protect the poor and vulnerable from adverse impacts of climate change.

"We have launched policies for them for ensuring access to clean forms of energy. We expect the world to share to achieve the sources of clean energy," Swaraj said.

She further said that India had recently launched the world's largest expansion programme, wherein the country was expected to generate 175 GW of by 2022.

Expressing concerns over the rising use of non-renewable fuels, Swaraj added that the wished to increase the percentage of current from 6.5 percent in 2017-18 to 15 percent by 2022.

The EAM also pressed for the introduction of biofuel and other clean fuels of energy in the transport and domestic sectors respectively.

Swaraj went on say that India was now an attractive destination for investment in the and gas sector and was making efforts in developing in its neighbouring countries for ensuring better standards of living.

On Wednesday, in his opening address at the IEF summit, observed the increasing of the world and the economies' gradual shift to and in accordance with the climate change agenda based on the Agreement.

He also stressed on moving to transparent market for both oil and gas, with the view to serve the of humanity in an optimal manner.

The three-day forum, which concluded today, saw the participation of 92 countries, discussing on the future of global energy.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 15:30 IST