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Post copy: India is on the path to become an economic powerhouse. So how can we continue to fuel this expansion?
India: A Success Story Thats Not Waiting to Happen
India is having a transformative moment.
The country continues to gain momentum with a view to becoming a US$5 trillion economy by 2024, almost doubling in size. By any measure, thats an economic powerhouse.
Though the global impact of COVID-19 has slowed some of this momentum, India has many reasons to be optimistic about continued growth.
How do I know this?
Because Im seeing this development firsthand, and luckily for me, also playing a part in powering Indias growth through ExxonMobil.
Energizing an emerging powerhouse
The combination of a rising middle class in fast-growing cities, growing income levels, and a focus on education is pushing India to the forefront of the world stage.
The sheer scale of development here is amazing. One of its most promising dividends is people power. The countrys population is forecast to grow by a quarter, from 1.2 billion in 2011 to about 1.5 billion, by 2036. And by 2030, Indias rapidly growing cities, already propelling its economic transformation, will need at least 25 million new houses.
The countrys projected growth cant be understated.
What interests me most about all of this and my work is how to help power this growth so its expansive and done in an environmentally responsible manner. It is also why Indias energy choices are critical to its future.
Coming up with optimal energy pathways for India is a complex challenge. We can create ways to support the nations energy ambition by helping resolve some of the complexities in meeting its many growth goals at once and also sharing what weve learned from being a global player.
But were looking beyond that.
Joining Team India
To be part of the winning equation for India, we have to put on Indias team jersey and consider: What does India need? What can we do to help provide that?
If India needs new manufacturing opportunities, jobs for its growing young demographic base, cleaner mobility and better air quality, we want to help make it happen.
For instance, the governments Make in India push to turn the country into a diversified manufacturing hub not only needs lower carbon, reliable energy, but also cutting-edge oils and lubricants that help industries run smoothly at lower costs.
And underlying its enormous growth potential is Indias need for large-scale energy solutions and enhanced energy accessfor all people. Basically, more people, more energy, more opportunity.
So we have to ask ourselves how we can create reliable energy access along with cleaner air. This is where natural gas can do some impressive heavy-lifting.
Indias energy vision sees enhanced gas access driving lower carbon growth. Thats the vision ExxonMobil is working to turn into reality.
Weve been Indias reliable LNG partner for two decades, and today were doing more than just trading energy.
We are pioneering virtual gas pipelines with IndianOil and Chart Industries to bring gas to areas not physically connected to pipeline networks. The idea is to accelerate access to gas and opportunity, creating the winning formula for India.
We are also hard at work with GAIL to advance LNG as fuel in heavy commercial vehicles, supporting Indias vision for lower carbon transportation.
Both these initiatives have transformative potential to accelerate Indias gas access.
And they could also spur Indian manufacturing of essential equipment and create skilled jobs. A successful expansion could even help India emerge to take a global lead in manufacturing LNG equipment.
A Success Story Thats Not Waiting to Happen
[CAPTION FOR IMAGE AVERAGE BUSY STREET OF INDIAN CITY: More people, more energy, more opportunity.]
India is breaking new ground, and as you can see were working with the countrys energy majors to pioneer innovative solutions to meet its energy challenges. But these challenges arent unique to India.
Thats where this gets really interesting: if we can crack some of these energy challenges for India, you can then have a line of sight to other emerging countries with similar challenges. India really is a leader in that sense, and everybody is watching.
Theres no denying this is Indias moment and doing our part to help the country achieve its goals is, for me, the role of a lifetime. Its one we at ExxonMobil are excited about, as we continue to explore ways to provide the energy that is essential to improving lives for Indians, now and into the future.
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