India will double its oil refining capacity in the next five years and will
multiply the usage of natural gas by four-fold, Prime Minister Narendra Modi
said while addressing the 8th
convocation of Pandit Deendayal Petroleum University (PDPU) in Ahmedabad.
In just the oil and
gas sector, crores of investment will happen
Telling students that India was passing through a transitional phase, PM
Modi told the students graduating during the Covid pandemic that they were
entering the energy sector at the opportune time. “Today there are unlimited
opportunities in the energy sector in India. You all have reached this sector
at the right time. In this decade, in just the oil and gas sector, crores of
investment will happen. So for you, there are ample opportunities from research
to manufacturing,” said the prime minister during his virtual address of the
convocation where Mukesh Ambani, president of Board of Governors of PDPU and
Gujarat chief minister Vijay Rupani had also participated.
Stating that India targets to cut down on its carbon footprint by 30-35
percent, Modi told the students of this Gandhinagar-based university, “Keeping
in mind our energy needs, it is our endeavor to increase the proportion of
natural gas by four times in this decade alone. In the next five years, efforts
are already being made to double the country’s oil refining capacity.
Cost of solar power
has fallen below Rs 2 per unit
He also told the students how the Gujarat government under him had gambled
with solar power and had purchased power at Rs 12-13 per unit when thermal power
was available at Rs 2.50 to Rs 3 per unit. “But we finally decided to go ahead
with solar energy and with honesty we decided to start solar plants in
Gujarat,” Modi said adding how solar energy has now become a movement in the
country and the cost of solar power has fallen below Rs 2 per unit.