ExxonMobil and Xcoal executives highlight India’s expanding market as a major destination for long-term energy investments….reports Asian Lite News Desk
India’s rapidly growing economy is set to triple its energy demand over the next 25 years, creating one of the world’s most significant opportunities for investment, technology partnerships and energy collaboration with the United States, industry leaders said at the ninth US-India Strategic Partnership Forum (USISPF) Leadership Summit.
Addressing a panel on energy security and infrastructure, ExxonMobil’s Director of Economics and Energy, Dr Prasanna Joshi, said India’s growth trajectory is unmatched among major global economies.
According to ExxonMobil’s long-term outlook, while the global economy is expected to double over the next quarter century, India’s GDP could expand seven to eight times, reaching an estimated $25-30 trillion.
“Our outlook projects that global GDP will essentially double in the next 25 years, whereas India’s economy could grow by almost a factor of seven to eight,” Joshi said.
He noted that global energy demand is expected to rise by only 12-15 per cent during the same period, but India’s energy requirement is projected to grow nearly threefold, underscoring the scale of investment needed across the country’s energy sector.
Joshi said India would require every available energy source to sustain economic growth while ensuring energy security. He pointed out that the country’s installed power generation capacity currently stands at around 500 GW and is targeted to reach nearly 2,100 GW by 2047.
Renewable energy alone presents enormous opportunities, he said, with solar and wind capacity expected to expand from around 100 GW to nearly 1,800 GW over the coming decades.
“There is tremendous scope for investment and collaboration in India’s renewable energy sector,” Joshi said.
At the same time, he stressed that conventional energy sources would continue to play a vital role in the country’s energy transition.
“Only about 10 per cent of India’s resources have been explored,” he said, adding that increased exploration would enhance India’s long-term energy security.
Joshi also highlighted the government’s ambition to raise natural gas’ share in the country’s energy mix from the current 6 per cent to between 12 and 15 per cent by 2047 through new infrastructure, exploration and sustained investment.
Ernie Thrasher, President and CEO of Xcoal Energy & Resources, said India has emerged as the largest overseas destination for US coal exports.
“India is currently the largest consumer of US export coal, accounting for about 23 per cent of total American coal exports,” Thrasher said.
He noted that exports had increased dramatically from one million tonnes in 2005 to 21.5 million tonnes last year, describing the growth as “phenomenal.”
Thrasher said India’s expanding economy would require a diversified energy strategy.
“India and the world need all forms of energy. No single energy source alone can meet the rapidly rising demand for electricity and economic growth,” he said.
He also identified significant opportunities for American companies in underground mining, coal gasification, battery storage and other advanced energy technologies.
Both industry leaders agreed that India’s infrastructure expansion offers one of the world’s most attractive long-term investment destinations.
Joshi said meeting India’s future energy requirements would require close collaboration among governments, businesses and technology providers.
“This cannot be done by a single entity. Collaboration across the entire value chain will be essential,” he said.
He added that India’s biggest advantage lies in its vast domestic consumer market, which will continue to drive long-term economic growth.
Thrasher urged investors to adopt a long-term perspective, saying affordable energy would remain essential as India continues to improve living standards for its growing population.
The discussion took place during the ninth USISPF Leadership Summit in Washington, which brought together senior government officials, diplomats and business leaders from both countries to strengthen cooperation in trade, energy, technology and other strategic sectors.
India and the United States have significantly expanded energy cooperation in recent years, covering areas such as liquefied natural gas, civil nuclear energy, renewable technologies, critical minerals and clean energy innovation.
