“India’s strategic approach to energy transition, built on three core pillars: Availability, Accessibility, and Sustainability” – Shri Hardeep Singh Puri at CII PSE summit

“Our energy transition is not just aspirational; it's firmly rooted in the realities of demand, infrastructure, and economic needs. Although fossil fuels are not the ultimate future, they will remain essential to India’s energy mix for now. We need to balance fossil fuel dependence with the growth of renewables and biofuels to ensure a sustainable energy future.” said  Shri Hardeep S Puri, Hon'ble Minister of Petroleum and Natural Gas, Government of India, while addressing the inaugural session at the 12th CII PSE Summit 2024. The Summit, organized by the Confederation of Indian Industry in New Delhi, was themed ‘Viksit Bharat: Transforming PSEs into engines of Sustainable Growth’. He outlined India's strategic energy transition, emphasizing three key pillars: Availability, Accessibility, and Sustainability. "

He further noted that public sector enterprises (PSEs) are reaching new heights in their efforts. Initially, the Prime Minister set a target of achieving 10% ethanol blending by November 2022, which was accomplished five months early. Building on this momentum, the 20% blending target, initially set for 2030, was moved up to 2025, with current blending at 16.9% as of last month.

The Minister commended the strides made by PSEs in innovation, technology adoption, and sustainable practices. He projected India’s economic growth potential at over $20 trillion within the next two decades, stressing that achieving this milestone will require a greater commitment from the private sector. He also highlighted that the net worth of PSEs has increased from ?9.5 trillion in 2014 to ?9.5 trillion in 2023, an increase of 82% in nine years. He said that “The notion of PSEs being bogged down by bureaucracy and slow decision-making is outdated. Today, PSEs enjoy a level of autonomy that rivals, if not exceeds, that of the private sector,”

The Minister also highlighted skill development as a focus area for the Government pointing to initiatives like the Prime Minister’s Internship Scheme as a “golden opportunity for collaboration to bridge the skill gap in India. The Minister underscored the need for active engagement between public and private sectors to equip India’s workforce with the skills necessary to meet future demands.

Mr. Arun Kumar Singh, Chairman, CII PSE Council and Chairman and CEO of Oil and Natural Gas Corporation (ONGC), highlighted the importance of public-private collaboration, skill development initiatives like the PM Internship Scheme, and cutting-edge technologies within PSEs to enhance innovation and competitiveness. “Integrating technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT) will allow PSEs to keep pace with Industry 4.0,” said Mr. Singh. He also addressed the impact of high litigation costs on businesses, advocating for alternative dispute resolution mechanisms, especially mediation, as a more cost-effective and efficient way to support the business environment.

Mr. Chandrajit Banerjee, Director General of CII, emphasized the transformative synergy between India’s public and private sectors in addressing critical areas such as energy security, sustainability, and social impact. He noted that these collaborative efforts serve as a foundation for building resilience and sustainable development across industries, demonstrating India’s ability to drive economic growth through innovation and partnerships.

Ms. Vartika Shukla, Co-Chair, CII PSE Council and Chairman & Managing Director of Engineers India Limited, underscored the role of innovation and infrastructure development within PSEs in positioning India as a global leader. Highlighting the achievements of India’s defence sector in developing indigenous fighter jets, radar systems, and other critical technologies, she pointed to the nation’s potential to reduce import reliance and build high-tech capabilities. She also stressed the importance of transparency and governance, advocating for excellence and accountability as PSEs strive to meet their objectives and contribute to India’s sustainable growth trajectory.

14 November 2024

New Delhi