Publication Details
Abstract
Viksit Bharat @2047, India's ambitious ambition, seeks to make the nation a developed and independent economy by 2047, the year of its centenary. Sustainable economic growth is essential to achieving this aim, and energy security is vital to that progress. Since oil is still one of India's primary energy sources, oil corporations must innovate and research to meet the nation's expanding energy needs while lessening their adverse environmental effects. It is anticipated that developments in oil discovery, refining, alternative energy integration, and efficiency improvement would spur economic growth and advance energy self-sufficiency. Enhanced oil recovery (EOR) and digital transformation via data analytics and artificial intelligence (AI) are innovative oil extraction methods that can greatly boost domestic oil production, lowering import dependency and enhancing energy security.
Oil firms' investments in green technologies like hydrogen production and biofuel can also accelerate the shift to cleaner energy. Growth in the oil industry, technological advancements, and a changing labor force proficient in these cutting-edge technologies can work together to support the economy and provide jobs. Furthermore, India may use research-driven breakthroughs in the oil and energy sectors to boost economic growth by encouraging government, business, and research institutes partnerships. A strategy like this supports the goals of Viksit Bharat @2047 and strengthens India's position as a technologically sophisticated and sustainable global leader.