The government is expected to shortly constitute a think-tank on energy security comprising officials from the ministry of external affairs, the Confederation of Indian Industry, the Planning Commission and key ministries.
The proposal came from the chairman of the CII national council on energy, Hari S Bhartia, on Monday at CII’s national conference on energy security in India.
Hardeep Puri, secretary (ER) in the MEA said his ministry would be “enthusiastic” about the suggestion and consider the proposal.
Puri said that with increasing demand and depleting oil and gas reserves, attaining energy security assumes great significance for an oil import-dependent country like India.
The impact of fluctuations in crude oil prices on the country, which imports over 70 per cent of its crude oil requirements, is such that a rise in the price of oil by a single dollar costs India economy as much as Rs 1.77 crore. “This explains the needs to secure India’s future energy needs,” he said.
Kirit S Parikh, member (energy), Planning Commission, said India needs to take a serious look at exploring cleaner sources of energy like solar, wind, hydro-electricity and nuclear power.