Indian Inc pledges its support to Indo-US Energy ties

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SME Times News Bureau | 14 Mar, 2014
In order to increase the two-way energy interaction between the United States and India, the leaders of Indian Industry Thursday take pledge for support to Indo-US Energy ties.

CII Western Region organized a Luncheon Interaction on US-India Energy Cooperation with Dr. Moniz, U.S. Secretary of Energy, and senior members of Indian industry this afternoon in Mumbai.

While addressing the Indian industry, Secretary Moniz highlighted the importance of increasing the two way energy interaction between the United States and India. Remarking on the U.S. energy situation, he said that "all fuel sources are important and they contribute to energy generation."

R&D collaboration between India and the U.S. in areas such as coal, nuclear, and renewable energy are strategic.

Secretary Moniz also noted that the investment relationship with Indian industry is substantial and that a two way investment flow is key. Challenges including the solar panel supply chain, climate issues, financing options, civil nuclear cooperation and liability issues are areas to be considered for further dialogue.

Setting the context for the interaction K R S Jamwal, Executive Director, Tata Industries Ltd, mentioned that India currently ranks as the world’s fifth largest energy producer with an installed capacity of over 230 GWand the fourth largest energy consumer, accounting for about 4 percent of the world's total annual energy consumption.

Yet, energy deficit levels continue to remain consistently high supply trailing requirement by an estimated 8-10 percent with almost 33 percent of the population (400 million people) without access to electricity.

India's per capita electricity consumption stands at a low of 777 kwh as compared to about 3400 kwh in China and a whopping 13200 kwh in the U.S.

Jamwal also said that five working groups had been set up under the initiative in areas of oil and gas, coal, power and energy efficiency, new technologies and renewable energy, and civil nuclear co-operation. These working groups involve participation from the government, the industry, and academic/research bodies as well. Another working group on sustainable development was added later.

Jamwal also mentioned that on the side lines of the ongoing energy dialogue between the two governments, it is important to also have private sector dialogues.