As the global energy landscape shifts towards sustainability and innovation, ES Ranganathan, a renowned energy expert and former Director (Marketing) of GAIL, shares his insights on the future of India's oil and energy industries for 2024. His forward-looking views highlight the key trends set to transform the nation's energy sector.
ES Ranganathan predicts significant changes in India's oil and energy landscape in 2024. He states, “The growing momentum towards renewable energy will likely result in substantial investments and initiatives in solar, wind, and other green energy projects. Changes in energy consumption patterns and technological advancements will be crucial.â€
In the second quarter of FY 2023-24, India's Ministry of Commerce and Industry reported a 9% increase in Foreign Direct Investment (FDI) in the renewable energy sector. FDI reached $505 million during Q2, up from $461.51 million in the same period last year. This growth was seen across various sectors, including 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 addition of 40 GW of renewable energy capacity by 2024-2025, aiming for an annual increase of 50 GW in renewable energy projects.
Ranganathan also highlights the rising role of electric vehicles (EVs) in India's energy future. He predicts a significant increase in EV adoption, driven by government incentives, technological advancements, and growing environmental awareness among consumers. This shift is expected to change the demand dynamics in the oil sector, possibly leading to a gradual decrease in traditional fossil fuel consumption.
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