India is on track to sustain robust economic growth, with projections to reach a $10 trillion economy by FY34 and $20 trillion by FY43. However, achieving this ambitious target requires substantial support from the energy sector, according to Krishan Lalit Bansal, Chairman and Managing Director of DEE Development Engineers Limited.
“This growth can only be achieved when there is strong support from the energy sector to meet the expected surge in demand since this is most crucial for an expanding economy. While the mix will change with integration of renewables, the entire energy basket – from thermal to oil and gas and nuclear – will play a key role in ensuring India’s energy security,” Bansal remarked.
Looking ahead to the FY26 budget, Bansal emphasized the need for measures to simplify tax structures and lower project costs for energy initiatives. “Oil and gas exploration and production has been a key thrust area for the government. We expect the budget to lay a roadmap for raising domestic production of crude oil and gas while incentivizing exploration for new finds,” he added.
He also highlighted the significance of nuclear energy in India’s energy portfolio, noting the renewed focus on nuclear power in the FY25 budget. “We now expect FY26 budget to announce more measures for boosting nuclear power output with participation from the private sector,” Bansal said.
As the Union Budget 2025 approaches, stakeholders in the energy sector are optimistic about policies that will strengthen India’s energy security and fuel the country’s journey toward becoming a $10 trillion economy.
