Petroleum Minister Dharmendra Pradhan on Wednesday stressed the importance of innovation, saying it is a key factor which will boost growth and help India become a $5 trillion economy by 2024-25.

Speaking at the launch of Niti Aayog’s Atal Community Innovation Centre (ACIC) programme, Pradhan said that India will become the largest consumer of fossil fuel in the next 15 years, so there is need to reduce India’s crude oil import bill.

“India’s crude oil import bill is pegged at Rs 6 lakh crore per annum and the country will become the largest consumer of oil in the next 15 years.

“Can Atal Community Innovation Centres come up with innovative methods which will help India in reducing its fossil fuel import bill? ... India will not become $5 trillion economy without innovation,” he said.

In order to support the initiatives of Niti Aayog’s ACIC, the minister said he will direct oil and steel public sector undertakings (PSUs) to contribute their corporate social responsibility (CSR) money to the programme.

He said India produces approximately 600MT of non-fossilised biomass through farm waste, which if converted to energy can help usher prosperity in rural economy, and promote a sustainable energy future.

Pradhan said ACIC will encourage students, researchers and other individuals/group of individuals to ideate and design novel solutions. The4 scheme will also connect innovative thinkers to our market and mainstream economy.

Speaking at the same event, Niti Aayog vice chairman Rajiv Kumar said the ACIC programme will be launched in 484 districts which are unserved region of India.