As the global energy landscape shifts towards sustainability and innovation, ES Ranganathan, a well-known energy expert and former Director (Marketing) of GAIL, shares his insights on the future of India's oil and energy industries in 2024. Ranganathan's forward-thinking predictions highlight transformative trends that will reshape the nation's energy path. He notes, “The growing momentum towards renewable energy sources will likely lead to a significant increase in investments and initiatives for solar, wind, and other green energy projects. Changes in energy consumption patterns and technological advancements will also play a crucial role.â€
In the second quarter of FY 2023-24, India’s Ministry of Commerce and Industry reported a 9% rise in Foreign Direct Investment (FDI) in the renewable energy sector. FDI reached $505 million, up from $461.51 million in the same quarter the previous year. This growth was seen in areas like solar, pumped hydro storage, and wind projects. This aligns with India’s ambitious goals, with the government pledging investments worth 36.6 lakh crore to support the target of adding 40 GW of renewable energy capacity by 2024-2025, aiming for an annual addition of 50 GW in renewable energy projects.
Additionally, ES Ranganathan emphasizes the growing role of electric vehicles (EVs) in India's energy landscape. He predicts a significant increase in EV adoption, driven by government incentives, technological progress, and rising environmental awareness among consumers. This shift is expected to change the demand for oil, possibly leading to a gradual decrease in fossil fuel consumption.
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