Union Petroleum Minister Dharmendra Pradhan on Monday called on the American firms to invest their technology, capital, and business models into the 'vibrant' Indian energy industry.
In a conversation with former Ambassador to US Tim Roemer at US-India 2nd annual India leadership summit, Pradhan said, "There are three things I am expecting from this gathering here. One, technology must come to India. For the next two decades, the growth will be only in India. All the global experts are saying that the energy growth of the world will be around 1 and 1.5 (per cent). For India, they are predicting that for the next twenty years, the growth will be 4.5 (per cent)."
"Bring your technology to my country and you will get assured market. Bring capital, bring good business models to India, which will be acceptable to both of us."
Speaking about India's development trajectory, the minister said, "Prime Minister Narendra Modi has given the model to balance aspirations, development and environmental management in a very sensitive way. Under his leadership, we have laid down a roadmap for decarbonisation of our economy and developing a gas-based economy. He has set an ambitious target of 450 GW of renewable energy production."
"India is going to lead the energy transformation of the world and here I see a lot of potential of engagement with you," he added.
Talking about India's role in the global energy landscape, the minister said that the growth in global consumption will be driven by India, and the country's vibrant market presents immense opportunities.
"The World is moving towards a new energy model. We are committed to implementing PM Modi's vision which will ensure that India leads the global energy transition," he said.
The minister noted that India's energy trade with the US is likely to touch USD 10 billion in the financial year 2019-20.
"India buys over USD 100 billion of energy per year. Three years ago, it bought zero dollars worth of energy from the US. This year, purchase from the US will cross USD 10 billion and it will grow," he noted.
( With inputs from ANI )