Union Minister Petroleum & Natural Gas and Steel Dharmendra said global pandemic is having enormous impact -both on health and economic fronts. He said that the existing energy frameworks are already witnessing unprecedented transformation. He said It is imperative that we position ourselves well to handle the current energy challenges to be able to develop our strategies in the post Covid-19 world. India, as world's third largest consumer of energy, has not only been impacted but also could potentially define the way how global energy trends would emerge. Our energy sector particularly Oil & Gas sector was affected significantly in the initial stages of Covid-19 till May 2020.
We are already witnessing significant restoration of consumption of several of the petroleum products to pre-Covid levels since July onwards. The minister said that the oil & gas sector PSUs alone will have CAPEX spending Rs. 1.2 lakh crore in 8363 projects/economic activities during the current financial year, and other ministries in energy sector also have similar ambitious CAPEX spending projects, to help boost employment and economic growth. India's energy sector has shown greater resilience in the face of the COVID-19 pandemic with supplies holding up admirably, despite the global turmoil in financial and commodity markets.
Talking about the need to overcome energy poverty, Pradhan said that with over 16% of global population, we are currently using only 6% of the world's primary energy. He stressed on the need to develop a reliable and compatible energy infrastructure in the country. The Minister said that with the per capita consumption of energy still one-third of the global average, India will have continue to develop all possible energy sources to meet this energy deficit, while fully cognizant of the sustainability dimensions of it. The energy landscape in India is evolving like never before. Our Government is also taking a constant reality check on the undercurrent of energy transition that is underway in the country, he added.
Pradhan said that India has shown greater resilience in economic, financial, regulatory and infrastructure terms, for an effective energy transition. He referred to the findings of World Economic Forum, listing India among the select countries making consistent and measurable progress on energy transition over the past six years.
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