AI to be instrumental in realising Prime Minister’s vision of a “Viksit Bharat”

By Staff Report October 24, 2024 12:23 pm

Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas states that AI adoption can generate Rs 33.8 Lakh Cr economic value in the country by 2030 at ENRich 2024 at ENRich 2024.

Addressing the ENRich 2024, KPMG’s Annual Innovation and Energy Conclave, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, underscored the pivotal role of artificial intelligence (AI) in transforming the energy sector. With the theme “AI for Energy,” the Minister described the convergence of AI and energy as both timely and transformative, marking a critical step in shaping the future of the industry. The Minister highlighted how AI is rapidly being adopted across industries and will be instrumental in realising the  Prime Minister’s vision of a “Viksit Bharat” by 2047.

Focusing on the oil and gas sector, Shri Puri shared how AI and generative AI (GenAI) are optimising operations by leveraging real-time data and insights. He pointed out that international oil companies are making significant investments in AI to enhance operational efficiency, improve safety, and contribute to the transition towards a low-carbon future.

Shri Puri noted that the Indian Public Sector Undertakings (PSUs) in the energy domain are also harnessing AI and Machine Learning (ML) to improve safety, security, and operational efficiencies at various locations. Through advanced tools like demand forecasting, customer analytics, and pricing analytics, AI is enhancing the overall customer experience in the energy sector.

In the upstream oil and gas sector, the Minister said, AI-enabled mechanisms such as deep learning are being used to analyse complex seismic data for identifying potential hydrocarbon reservoirs. Additionally, he said, AI-based prediction of drilling complications and real-time optimisation of drilling parameters has proven effective in improving drilling efficiency and reducing operational costs.

Shri Puri noted the comprehensive integration of AI tools across the energy value chain, from upstream exploration and production to midstream storage and downstream refining and distribution. He observed that this shift marks a departure from the traditional engineering mindset that has long dominated the industry.

As an example, he pointed to the modernisation of India’s National Data Repository, now upgraded to a cloud-based platform. This platform supported by a government investment of Rs. 7,500 crore, enables instant access to seismic and production data, he noted.

Citing research by J.P. Morgan, the Minister discussed the potential of generative AI to increase global GDP by $7–10 trillion over the next three years, leading to a major boost in workforce productivity and reshaping the global economy.

Shri Puri further emphasised that India, with its growing economy, youthful population, and thriving tech ecosystem, is poised to benefit greatly from AI. Reports suggest that AI adoption could contribute at least Rs. 33.8 lakh crore to India’s economy by 2030, he said.

He also highlighted the success of the Universal Connectivity and Digital India initiatives, which have driven a dramatic increase in internet subscribers from 251.59 million in 2014 to 954.40 million in 2024, achieving a CAGR of 14.26%.