India’s energy demands will be more than double by 2040 as the economy will grow over five times its current size, Petroleum Minister Dharmendra Pradhan said on Monday. He said in lok Sabha the International Energy Agency has released India's energy outlook in the World Energy Outlook 2015 which said that for the entire period till 2040, Indian economy will grow at a faster rate than any other country in the world by an average of 6.5 per cent per year.
“India's energy demand will be more than double by 2040 as economy will grow to more than five times its current size. A six million barrels per day rise in oil use is the largest projected for any country's oil demand as 260 million new passenger vehicles will be added.
“The demand for oil is projected to rise to 458 million tonnes of oil equivalent (MTOE) with a CAGR (Compound Annual Growth Rate) of 3.6 per cent (2013-2040),” he said during Question Hour. He said lPG will substitute for firewood as cooking fuel and industrial energy use will be buoyed by substantial growth in domestic manufacturing encouraged by the Make in India initiative.