India should prepare for a new energy economy

Nov 01, 2004 01:00 AM

India should come out of its dependence on oil and gas for energy requirements and join developed nations in the search for a cleaner, diversified and renewable fuel, experts said.

In the next three-four decades, the trends show hydrogen, which is cleaner and renewable, will replace oil and gas as the world's main source of fuel, M.S. Srinivasan, additional secretary, Union Ministry of Petroleum and Natural Gas, said.
"India will be a laggard in the race and we will be forced to pay through our nose for proprietary technology if we fall behind (in the adoption to a new fuel era)," he said, speaking at a seminar organised by the Confederation of Indian Industry.

Already, the US state of California has announced its conversion into a “hydrogen economy” in the next six years and 25 % of its retail fuel pumps will have hydrogen dispensing facilities by 2015.
"The oil and gas era is coming to an end. The oil-age will end long before oil reserves are exhausted."

The current rise in crudeoil prices was “impinging” the world economy in general and the Indian economy in particular. An increase of $ 10 per barrel of crude would bring down the GDP growth of developing countries like India by 1.1 to 1.13 % per annum, Srinivasan said.
The spurt of $ 25 per barrel in crude in recent times would be felt by the Indian economy, he said, adding that the "world may not be able to survive for too long if it continues with its petro-addiction."

Source: Asia Pulse
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