December 02, 2008

PM calls for need to develop all type of energy resources

Dr Manmohan Singh Prime Minister of India while speaking at the laying of foundation stone of Rajiv Gandhi Urja Bhavan recently said that there is a need to develop all energy resources like coal, gas, oil, hydro and nuclear along with renewable such as wind and solar power.

Dr Singh said that “From a long term perspective, nuclear energy and solar energy can play an important role in addressing our energy security needs. Our government is committed to the development of nuclear energy. We are blessed with an abundance of solar energy, it could be a major energy source in the coming years and we must invest in research and development for commercial use of solar energy. Several non conventional energy sources fall in the domain of high technology and are presently commercially not viable and immediate need is to develop these technologies to make such energy available to the masses in the shortest possible time.”

He said that real energy security implies assured supply of good quality energy at affordable prices. He said “India’s energy needs, which will grow with the pace of economic development, cannot be met with oil and gas for long. Expressing his concern over the growing import bills for imported crude oil, he said that as we grow, import oil bill would put an unbearable and an unsustainable burden on our economy.

He said that “Today, when we aim for a 10% growth rate, we must recognize the critical importance of energy security. By energy security, I refer not merely to the assurance of the supply of energy in ample quantities. Real energy security implies assured supply of good quality energy at affordable prices. India’s energy needs, which will grow with the pace of economic development, cannot be met with oil and gas for long. Currently, the total domestic production by Indian companies is less than one third of our current domestic consumption of hydrocarbons. As we know, oil and gas reserves in India are quite limited though there is always a scope to discover a new reserve through exploration. As we grow, our growing import bill for imported crude oil will put an unbearable and unsustainable burden on our economy. Therefore we need to develop all our energy resources like coal, gas, oil, hydro and nuclear along with renewable, such as wind and solar power.”