GST Council's Goa Meet - Torrid time lies ahead! (See 'THE COB(WEB)' in TIOL)Goyal felicitates exporters in chemical & allied sectors (See 'TOG News')Cabinet okays productivity bonus to rail employees for FY 2018-19 (See 'TOG News')Cabinet okays promulgating Ordinance banning e-Cigarettes (See 'TOG News')Department of Posts announces commencement of International Speed Post (EMS) service to Bosnia & Herzegovina, Brazil, Ecuador, Kazakhstan, Lithuania & North MacedoniaIBM, SKill India join hands for nation-wide Train-the-Trainer programme in Artificial IntelligenceTP - Company providing high-end services involving specialized knowledge & domain expertise, cannot be compared to routine BPO service provider: ITAT (See 'TOG Latest')I-T - Re-assessment proceedings are bad in law where issue involving deducting tax at source is examined by AO in original assessment proceedings: ITAT (See 'TOG Latest')Customs - Confiscation of goods sustained where similar issue is settled in assessee's own case alleging violation of Courier Import & Export (Clearance) Regulations: CESTAT (See 'TOG Latest')Central Excise - Auction services - Cenvat credit allowed where proceeds of sale by auction attracted service tax duty & VAT as well: CESTAT (See 'TOG Latest')Rajnath Singh okays recording Indian border historyRailways to adopt Head on Generation technology in LHB coach trainsDefence industry value to touch USD 26 Bn by 2025: Rajnath Singh (See 'TOG News')Healthcare sector CAGR to reach USD 372 Bn & create 40 Mn jobs by 2022: Gowda (See 'TOG News')DTAA - Income arising from sale of goods on principle to principle basis completed outside India, cannot be taxed in India: ITAT (See 'TOG Latest')I-T - Liabilities crystallizing during current AY can be allowed even though called prior period expenses: ITAT (See 'TOG Latest')Central Excise - Writ court need not intervene where assessee did not avail opportunity of cross examination or of filing reply statements; appeal be filed to Tribunal: HC (See 'TOG Latest')Service Tax - VAT and Service Tax are mutually exclusive; no service tax can be levied on amounts which already incurred VAT: CESTAT (See 'TOG Latest')Taxability of Reimbursements in Service Tax and GST regime (See 'THE INSIGHT')
Tax on Go
Budget 2015
Click the banner to download Documents
HOME       GST     INDIRECT TAX     INCOME TAX     DTAA     TP     MIXED BAG     LIBRARY    

TOG NEWS

Petroleum Minister announces shift in global energy consumption to Asia
By TOG News Service
Sep 11, 2019

TOG NEWS SERVICE, NEW DELHI, SEPT 11, 2019: UNION Minister of Petroleum and Natural Gas & Steel Mr Dharmendra Pradhan has said that the inevitable shift in global energy consumption to Asia is a reality. Addressing the opening session of the 8th Asian Ministerial Energy Roundtable in Abu Dhabi today, he said that we now need to ensure that this change is rooted in Energy Justice, which was articulated by Prime Minister of India Mr. Narendra Modi as most important component of Energy Vision of India.

Mr Pradhan said that the Emerging Asia will be driving the world economic growth in the coming 20 years. In the global context, developing economies will drive 80% of the incremental global growth, with India and China accounting for more than half of it.  He said "Energy access, higher standard of living and improved prosperity in developing countries will primarily drive the energy demand. It is important for the low income, low per capital energy consuming countries to have access to technology and capital when it comes to energy efficiency and cleantech. That would provide better energy security than short term interventions in fossil fuel supply and price." He said that due to poor and imbalanced energy infrastructure, 400 million people in Asian region have no access to electricity, and rural residents have no access to clean electricity. Therefore, providing safe, stable, affordable and efficient energy has become an important task for governments of all countries.

Describing the Energy Vision of India, Mr Pradhan said that it has been enunciated by PM Modi in 2016, and is based on four pillars i.e. energy access, energy efficiency, energy sustainability and energy security. "As part of our integrated approach towards energy planning during the last five years, India is placing enormous emphasis on energy access with energy justice as a key objective in itself.", he added. The Minister added that India has undertaken a number of path-breaking policies and initiatives during the last 5 years to realize energy justice for over 1.3 billion people in the country.

Later, addressing the session on Advancing Inclusive Access to Secure, Affordable, and Sustainable Energy Services' in the event, Mr Pradhan  said "In India, we have to improve availability of energy to over 1.3 billion people, whose per capita energy consumption is lower than the global average. Now, India is the third-largest energy consumer in the world, and its energy demand is growing faster than all major economies of the world. Our share of total global primary energy demand is set to double to 11% by 2040. We are preparing for such a growth path of energy demand in the country. This calls for making matching investments in the energy sector."

Mr Pradhan said "As part of our integrated approach towards energy planning, energy justice would be a key objective in itself. In this context, we are working towards the early realization of the UN Sustainable Development Goal (SDG) 7. A number of transformative policies and initiatives have been taken in India to realize the above objectives. We are significantly expanding our energy infrastructure – be it power generation, more renewables and gas-based infrastructure -pipelines, city gas network, LNG terminals. We launched a major campaign to improve access to clean cooking fuel under the Ujjwala Yojana scheme three years back, and Prime Minister Shri Narendra Modi handed over the 80 millionth LPG connection couple of days back. A ‘Blue Flame Revolution' is underway. LPG coverage has reached more than ninety percent from fifty-five percent five years ago. India attained universal electrification all villages. This year, India aims to achieve hundred per cent electrification of households, through SAUBHAGYA. Clean transportation is another area of high priority in India. We are jumping directly from BS-VI to BS-VI fuel by April 2020. India is moving towards a gas-based economy by increasing the share of gas from 6% to 15% in the energy mix by 2030. We have constructed over 16,000 km of gas pipeline and an additional 11,000 km is under construction. We have covered over four hundred districts and 70 percent of our population. There is already a cardinal shift to renewable energy sources. Our target is 175 GW by 2022, with solar target of 100 GW by 2022. We are promoting alternative fuels like ethanol and bio-diesel in a big way. A National Bio-Fuel Policy 2018 was unveiled, targeting 20% blending of ethanol in petrol and 5% blending of bio-diesel in diesel by 2030." He informed the gathering that India joined the elite group of nations in August 2018 to operate a flight running on biofuel.

On the sidelines of the 8th Asian Ministerial Energy Roundtable in Abu Dhabi, Mr Dharmendra Pradhan also held a series of bilateral discussions with leaders from other countries. He met his UAE counterpart Suhail Mohamed Faraj Al Mazrouei, Minister of Energy and Industry. Union Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan held meeting with Mr. Fatih Birol, Executive Director of International Energy Agency. Mr Dharmendra Pradhan held one on one discussions with Mr. Mohammad Sansusi Barkindo, Secretary General of OPEC. Bilateral meeting was held with Mr. Tran Tuan Anh, Minister of Industry and Trade of Vietnam in Abu Dhabi today.

On the side-lines of the AMER8 meeting in Abu Dhabi, Dharmendra Pradhan held bilateral talks with Mr. Sontirat Sontijirawong, Minister of Energy, Thailand. Bilateral meeting was held with Mr. Parviz Shahbazov, Minister of Energy, Azerbaijan. Union Petroleum Minister met with Dr. Sultan Ahmed Al Jaber, Minister of State and Chief Executive Officer, Abu Dhabi National Oil Company in UAE. The two leaders discussed and reviewed the existing relationship within the overall framework of India-UAE Strategic Partnership.