Maintaining the status quo means rising energy security risks as India’s economy grows.
This report is from this week's CNBC's"Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Like what you see? You can subscribeIt's no wonder then that the South Asian nation aims to quadruple its natural gas use from the current level by 2030 to meet that demand and enable GDP growth rates of seven or eight percent annually.
It might not have a choice and maintaining the status quo means rising energy security risks as its economy grows. On the demand side, the Indian government has aggressively pushed policies that favor vehicles powered by compressed natural gas , a derivative of liquified natural gas . Aside from transport, LNG use has grown thanks to government policy encouraging natural gas for domestic cooking. Piped connections have grown 250% to 11.9 million over the seven years ending November 2023, according to the Institute for Energy Economics and Financial Analysis. Meanwhile, the number of households that could receive piped natural gas is more than 300 million.
As imports rise, this will likely benefit companies that are government-owned entities such as Petronet, which owns two LNG import terminals in the country, and gas distributor GAIL.
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