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Union Power Minister R K Singh has quantified the pace of economic growth in the country in terms of rise of electricity demand, and said that India's power demand is about 40 GW-50 GW more than the corresponding day last year. He said India has the potential to be one of the biggest manufacturers of green hydrogen in the world. He said ‘we have this huge economy which will continue growing at 7 to 8 per cent for the next 2 to 3 decades. Our energy requirements are huge. Our power demand has grown up by 21 per cent in August 2023, as compared to August 2022.’

He stressed on the need to take effective measures to reduce huge energy import bills. He said ‘we have been huge energy importers. If we don't do something about this, our import bills will multiply. We have to set up a huge ecosystem for renewable energy. Our pace of capacity addition in renewable energy is one of the fastest in the world. Our cost of making renewable energy and our cost of producing green hydrogen will be one of the lowest in the world’.

Singh said that India will emerge as a huge exporter and the world will come to follow approach on green hydrogen. Talking about the environment, he said that India's contribution to the global carbon dioxide load is just four per cent while our population is 17 per cent. He said that India will come out with a pilot for green hydrogen or green ammonia for storage for round-the-clock renewable energy. He opined that most of the methods of running the pilots are already commercially viable. He added that there are already companies which have developed turbines which can use hydrogen or ammonia for making electricity.