Rajiv Gauba calls for market-oriented reforms, stronger regulation to bolster India’s energy security

Fresh updates from the financial markets indicate that NITI Aayog member Rajiv Gauba has called for stronger regulation and market-oriented reforms in the petroleum and natural gas sector, saying institutional capacity will be critical to strengthening India’s energy security and supporting the vision of Viksit Bharat@2047.

Speaking at the 20th Foundation Day of the Petroleum and Natural Gas Regulatory Board (PNGRB) on October 1, Gauba stated the sector operates in an increasingly complex global environment marked by geopolitical tensions, supply disruptions and heightened energy security risks.

He stated India’s growing energy requirements make diversification and expansion of domestic energy capacity important elements of its long-term strategy. With energy demand anticipated to climb substantially alongside urbanisation, industrialisation and improving living standards, Gauba stressed the need to accelerate domestic exploration and production, particularly in frontier and deep-water areas.

He additionally called for greater use of technology, private investment and the capabilities of public sector enterprises to expand domestic energy capacity. Propel for gas-based economy

Gauba emphasised the importance of accelerating India’s transition towards a gas-based economy. This would require an integrated, efficient and economically viable natural gas value chain, including strengthening the National Gas Grid, improving utilisation of pipelines and liquefied natural gas (LNG) terminals, and expanding the City Gas Distribution network.

He stated regulatory reforms should keep remove unnecessary frictions and ensure that the regulatory framework keeps pace with emerging areas such as hydrogen, syngas and carbon dioxide pipelines.

“Regulatory predictability, ease of doing business and continued reform” should be important guiding principles for PNGRB, Gauba stated.

Regulators, he stated, have a responsibility to operate at arm’s length while remaining aligned with overarching national policy objectives.