Students at the 11th annual convocation of the National Institute of Technology, Rourkela. Picture by Uttam Kumar Pal

Bhubaneswar, Jan. 19: Chairman-cum-managing director of the Oil and Natural Gas Corporation Sudhir Vasudeva said that India would be the third largest consumer of energy by 2030.

He also said that by that time, the choice of energy sources would be limited and responsibility in terms of enhancing efficiency would increase manifold times.

Speaking at the 11th convocation of the National Institute of Technology, Rourkela, yesterday Vasudeva said: “Energy is the prime mover of economic growth. The country is paying a heavy price for the energy it needs to fuel its growth. Since we import about 78 per cent of oil, 20 per cent of gas and 25 per cent of our coal requirements, our economy has been badly affected by the rising oil prices and depreciated Indian rupee against US dollar.”

He said by 2030, India’s total share of global primary energy consumption has been projected to rise from the current 4.5 to 8.5 per cent, making the country the third largest consumer, while India ranked seventh in terms of indigenous primary energy production.

To sustain a 7-8 per cent growth of the gross domestic product till 2030, the country would need a minimum of 4-5 per cent annual growth in energy consumption.

NIT director Sunil Sadangi highlighted achievements of the institute. The institute has joined the joint admission process of IITs to attract superior students in its 2- year MSc programme, he said. Chairman of board of governors B.S. Sudhir Chandra congratulated the students for their successful completion of their course.