India's energy needs to double by end of decade, says Mukesh Ambani

Gandhinagar: India, the world's third-largest energy consumer, will see its energy needs doubling by the end of this decade as it witnesses an unprecedented explosion of economic growth, the nation's richest man Mukesh Ambani said on Saturday.

Speaking at the convocation of Pandit Deendayal Energy University (PDEU), Ambani, who heads the nation's most valuable company Reliance Industries Ltd, said the Indian economy will become a $40 trillion economy by 2047 from the current $3.5 trillion.

"And to fuel this growth, the country will need enormous amounts of energy - clean, green energy that won't choke mother nature for the sake of human progress," he said. "In fact, India's energy requirement is set to double just by the end of this decade."

Ambani is pivoting its largest fossil-fuel-dominated conglomerate to clean energy, investing billions of dollars in building giga factories to produce new energy ecosystems as well as generate renewable energy, and produce green hydrogen.

Addressing the convocation, he said in the next 25 years, India will witness an unprecedented explosion of economic growth, and it is a crucible to turn the vision of a clean, green, and sustainable tomorrow into reality.

"As India races to build a robust energy infrastructure to meet its energy goals, it faces three crucial questions: One: How can it ensure that every citizen and every economic activity in India has access to adequate, most affordable energy? Two: How can it rapidly transition from fossil fuel-based energy to Clean and Green Energy? Three: How can it de-risk the expanding needs of its fast-growing economy from a volatile external environment? I call these three questions the Energy Trilemma," he said.

Energy transition, he said, has become the most critical factor in ensuring India's transformation into a global leader in green, sustainable and inclusive development.

Expressing confidence in India developing smart and sustainable solutions to address this trilemma, he said this would be possible because extremely talented young minds have vowed to fight the climate crisis.

"They will design breakthrough energy solutions to build not just a strong and Atmanirbhar India, but also a safer and healthier planet" he said.

To students, he asked them to be fearless, never losing confidence in their own abilities and skills.

"Courage is the ship that can safely sail you across the stormiest seas. You will commit mistakes. But let that not worry or deter you. The one who succeeds in life is the one who corrects his mistakes and continues on his mission boldly," he said.

Also, they should dream big but be disciplined. 'Your dreams should be big and ambitious. For they act as the propeller accelerating your life's journey. Set audacious goals for yourself and pursue them with commitment and passion. Take risks. But do not be reckless,' Ambani added.

But dreams come true only if you are hardworking and disciplined, he said, adding that the distance between dreams and reality is called discipline.

Also, students need to be curious and hungry for new knowledge. 'Stepping out of the portals of this university does not mark the end of knowledge-seeking. Rather, it is only a new beginning. If you want to succeed in your chosen profession, you must remain a lifelong learner. Therefore, embrace curiosity, stay hungry for knowledge, and be open to new ideas. Remember, in the journey of self-improvement, the pursuit of knowledge is an endless adventure,' he said.

Asking students to be empathetic, he said cultivating the power of the intellect is good but cultivating the power of empathy is equally important for both success and happiness in life. 'Be caring, compassionate and generous at heart.'

Above all, they should be patriotic. "I am what I am in life because of India, because of Bharat. Wherever your life takes you, contribute your utmost to the greatness and glory of India. And know that you are truly blessed to be young in today's India... an India that is today marching ahead so confidently that the 21st Century is indeed going to be India's Century," he added.