India can become $5 trillion economy much before 2028: Union minister Hardeep Singh Puri

Davos: Union minister Hardeep Singh Puri on Tuesday asserted that India can become a five trillion dollar economy much before 2028 and said the country's energy transition needs to be done in an orderly manner to safeguard the interests of its large population.

Puri, the minister for petroleum and natural gas as well as housing and urban affairs, said India is aware of its commitments towards sustainability goals and will meet all the targets in time while meeting the requirements of a growing economy.

He was speaking at a CII-EY breakfast session on 'accelerating India's energy transition towards sustainable economic growth' on the sidelines of the World Economic Forum Annual Meeting 2024.

"I don't think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028," he said while listing various macroeconomic parameters.

"I also think that the transition has to be orderly because transition by nature has to have both a clear roadmap and it must have in place all the safeguards that will ensure that there are no knee-jerk decisions taken," he noted.

Puri said it is even more so important for a country like India, which is also now the world's most populous country.

"When it comes to energy, the relationship between economic growth and energy is very important. Because we are now close to a 4 trillion dollar economy, but the fact is, we need to take care of a very large part of our population."

'It's one thing to be theorising about the need for the transition without having to take care of domestic compulsions. As far as India is concerned, availability and energy resources are important because we import a key portion of our crude oil requirements," he said.

"Given the multiple crises the world is facing, a democratically elected government like we have in India has to ensure affordability also. Then comes sustainability, and we are fully committed to that also," the minister said.

He said the traditional market, which was dependent for energy on a defined number of suppliers, who could at will decide price etc, that dynamic doesn't seem to be working.

"I am confident that all the targets we have for 2030 on the energy transition, we will meet them. Our green hydrogen policy will succeed in a big way. We are on our way to meet our targets on aviation fuel. India today presents a fantastic potential for biofuel blending. We are meeting all our targets ahead of time. The establishment of the Global Biofuel Alliance is another example of our successes," he added.