India should aim from 50% renewable energy by 2030: Piyush Goyal

India, the seventh largest economy in the world, is poised for fast economic growth in the coming years and will rank as the second largest in not-so-distant future, he added.

Earlier in the conference, Oil Minister Dharmendra Pradhan said the power sector must adopt new technologies and innovate to cut transmission and distribution losses as energy consumption in the country is set to see a phenomenal rise in the coming years.

"While the government has accorded top priority to the sector, industry leaders must ensure that all citizens across the country have access to electricity at affordable rates. This will require substantially increasing the share of renewable energies as well as improving energy efficiencies.

"You cannot stop the technology’s aggressive landing. Digitalisation, Internet of Things, 3-D printing and artificial intelligence will soon mechanise the energy sector. Industry 4.0 will cause disruption the energy sector as well, like in healthcare and education," said Pradhan.

Gurdeep Singh, Chairman and Managing Director of NTPC Ltd and Member Secretary of World Energy Council India, said the opportunities and challenges arising from Energy 4.0 and energy transition transcend long-established sector boundaries defined by coal, oil and gas sectors.

During the conference, Niti Aayog Vice Chairman Rajiv Kumar invited suggestions from industry leaders as the think- tank embarks to prepare India's integrated energy policy along with a national plan for the manufacturing sector to adopt new technologies like artificial intelligence and Internet of Things (IoT).

"This is an era of pro-sumers – producers who are consumers as well – and with Industry 4.0, manufacturing is witnessing the biggest disruption ever seen in history. The integration of conventional fuels and renewable energies will determine a whole panorama of future public services," he said.