India needs to completely reframe oil policy; has no future without storage tech: Amitabh Kant


India needs to completely reframe oil policy; has no future without storage tech: Amitabh Kant

India needs to completely re-frame its oil policy and the country’s oil companies must venture into storage technology because that is where the energy future lies, according to NITI Aayog Chief Executive Officer (CEO) Amitabh Kant.

“The Rocky Mountain Institute study shows that India has a potential to set-up 20 Gigafactories. Why are none of our oil companies thinking along these lines. The future belongs to storage and batteries and when both the world of energy and transportation converge at the point of storage, that is where the future of India lies,” Kant said, speaking at an energy sector event here.

He added if the country needs to clean up its cities, it will have to move away from a fossil fuel-based economy to a renewable energy-based one.

“Close to 78 per cent of the goods are moved by lorries. Railways only transports 22 per cent of the goods. Buses and lorries within the city require CNG and for city-to-city needs we need LNG,” he said. Read  More

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