As the world shifts towards sustainability and innovation, E.S. Ranganathan, a well-known energy expert and former Director (Marketing) of GAIL, shares insightful predictions for India's oil and energy industries in 2024. He highlights the major changes that will shape the future of energy in India.
ES Ranganathan believes that the growing focus on renewable energy will lead to significant investments in solar, wind, and other green energy projects. He also emphasizes that changes in how we consume energy, along with advancements in technology, will play a crucial role.
In the second quarter of the 2023-24 fiscal year, India's Ministry of Commerce and Industry reported a 9% increase in Foreign Direct Investment (FDI) in the renewable energy sector. FDI rose to $505 million from $461.51 million in the same period the previous year. This growth was seen in various areas, including solar power, pumped hydro storage, and wind projects. This aligns with India's ambitious goals, as the government has pledged investments worth 36.6 lakh crore to add 40 GW of renewable energy capacity by 2024-2025, with an annual addition of 50 GW in renewable projects.
Ranganathan also points out the increasing importance of electric vehicles (EVs) in India's energy landscape. He predicts a significant rise in EV adoption, driven by government incentives, technological advancements, and a growing environmental awareness among consumers. This shift is expected to change the demand for oil, potentially leading to a gradual decrease in traditional fossil fuel consumption.
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