'Modi Government Saved India From LPG and Oil Price Shock': Hardeep Singh Puri at Republic Summit

New Delhi: “ Modi government saved India from oil price shock,” said Hardeep Singh Puri, Union Minister for Housing and Urban Affairs, and Minister for Petroleum and Natural Gas, at Republic Summit 2024, as he demonstrated how decisions me by Modi government ensured stability in crude oil market globally.

In his talk on ‘Changing Dynamics of Energy Landscape’ at Republic Summit 2024 in New Delhi, Hardeep Singh Puri recalled time in February 2023 when world consumed 100 million barrels of crude oil everyday. That is time when Russia-Ukraine war created an energy crisis and India took some quick decisions to stabilise prices, he said. 

“Oil prices shot up across globe. India decided to increase import of crude oil from Russia. US stated that India’s decision helped stabilise international consumer market,” said Puri.

‘Modi Ka Parivaar’

Puri said that this was possible because of a large democracy like India, which he said is ‘Modi Ka Parivaar’. 

“A democractically elected country has to ensure availability, affordability and sustainability…Our honourable Prime Minister led from front. PM deserves full credit for this….We diversified our imports of crude oil to 39 countries,” he said.

minister reiterated how Modi government helped stabilise crude oil prices in India and reby world.

Modi Sarkaar Effect and Citizen First Approach of Modi Government

Hardeep Singh Puri continued to speak about Modi Sarkaar Effect and Citizen First Approach of Modi government. “In November 2021 and May 2022, PM decided to reduce excise duty on petrol and diesel….Revenue foregone was 2.2 lakh crore. But as a result, India’s petrol and diesel prices were one of lowest in world,” Puri explained. 

Puri gave yet anor instance of “absolutely bold decision-making of Modi government”. It was due to PM Modi that 1 million square kilometres of sedimentary basin, which was a no-go area, was opened up for investment."

SAF - Sustainable Aviation Fuel production in India

Hardeep Singh Puri revealed that oil was found at a location in Andhra Presh, and today, 40,000 to 50,000 barrels of oil in a day is being produced threre, increasing domestic production by 7 percent.

Union Minister went on to speak about SAF (Sustainable Aviation Fuel), being used by airlines as per requirement of International Civil Aviation Organisation (ICAO). “Only two countries in world where SAF can be produced in large quantities - one is Brazil and or is India,” revealed Puri with pride. He revealed that in Pune, an SAF pilot project has been inaugurated.

Green Hydrogen - fuel of future

Emhasising need for Green Hydrogen, Puri said that it is “fuel of future”. “It typically requires ability to produce clean and green solar energy and electrolyzers…,” said minister, recalling time when PM Modi visited a stall in Bengaluru and chanced upon an innovation which me production of electrolyzers 30 percent less costly.

LPG Ujjwala Scheme - how PM Modi subsidised prices 

Speaking about affordable cooking gas that is liquified petroleum gas (LPG), Puri talked about Ujjwala Scheme by PM Modi. It was prime minister's initiative that helped reduce prices of LPG and make it economical for households.

minister remembered how during Pran Pratishtha at Ayodhya Ram Mandir, Modi h visited house of a beneficiary of Ujjwala Scheme. “We have converted Annaatas to Urjaatas,” he said.

minister went on to speak about how Natural gas prices were stabilised thanks to Modi government.

Puri also talked about Global Biofuels Alliance and how biofuels plants are being created domestically. He revealed that India Energy Week conclave was held in its second edition in Goa, and now has a permanent 250 acres plot for confluence every year.

After Centre on occasion of International Women's Day slashed prices of LPG cylinders by Rs 100, Hardeep Singh Puri said, "I want to congratulate everyone. Today is Women's Day and Shivratri and we welcome this...".

Hardeep Singh Puri's Predictions for PM Modi and Lok Sabha Elections 2024

Republic posed a question to Hardeep Singh Puri as to what his predicton is for results of Lok Sabha Elections 2024. To which, Puri replied that PM Modi will continue to le country for next 10 years.

“I am not a soothsayer or astrologer. But I have a reaonable experience to predict elections. In 2014, I h said that BJP under Mr Modi will get an absolute majority after many years. In 2019, I h said we will cross 300 mark and we did. For 2024, re is a complete change in narrative. I see vote share of BJP going up considerably in sourn states and West Bengal. In WB, women voters after y have been subjected to atrocities (in Sandeshkhali), y will give an answer through ballot box."

PM Modi will le India for anor 10 years

"My prediction is, we are going to have H’ble Prime Minister to le country for anor 10 years. So will BJP…we will see a lot more people joining BJP.”

Watch: Hardeep Singh Puri at Republic Media Summit 2024