Page 56 - Policy Economic Report- June'26

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Priority 1: Energy Security and Sustainability, focusing on resilient energy systems, diversified
energy sources, critical minerals, supply chain resilience, grid modernization, energy storage, and
secure, affordable energy supplies.

Priority 2: Energy Access and Equity, focusing on universal access to affordable, reliable,
sustainable and modern energy, clean cooking solutions, affordable financing, capacity building,
and support for emerging markets and developing economies.

Priority 3: Technology and Innovation, focusing on smart grids, energy storage, hydrogen value
chains, digitalization of energy systems, artificial intelligence, energy efficiency, biofuels, carbon
capture technologies, and strengthening research and innovation cooperation across BRICS
countries.

BRICS Energy Ministers reaffirmed the importance of respecting national circumstances, development
priorities and energy pathways.

The meeting concluded with the adoption of the 11th BRICS Energy Ministers’ Joint Communiqué,
reflecting the collective vision and consensus of BRICS countries on strengthening cooperation in the areas
of energy security, sustainability, innovation, resilient infrastructure and capacity building.

India's Energy Transformation and Global Leadership

Addressing the Ministerial Meeting, Union Minister of Power and Housing & Urban Affairs Shri Manohar
Lal highlighted that energy remains fundamental to economic growth, social progress and human
development. He emphasized that developing countries require adequate time, resources and policy
space to pursue sustainable development while meeting the legitimate aspirations of their people. He
underlined India’s commitment to building resilient, future-ready and people-centric energy systems
guided by the principle of “?????? ??????” - Energy for All.

The Minister showcased India’s energy transformation over the last decade, noting that the country has
emerged as the world’s third-largest producer and consumer of electricity, with installed power capacity
reaching nearly 540 GW and non-fossil sources accounting for more than half of the installed capacity. He
highlighted India’s rapid clean energy expansion, with solar capacity increasing from about 3 GW in 2014
to more than 154 GW today, and underscored the role of flagship initiatives such as PM Surya Ghar: Muft
Bijli Yojana in accelerating rooftop solar adoption and promoting citizen participation in the energy
transition.

9. Approval of Merger scheme by Board of Directors of PFC and REC

The Board of Directors of Power Finance Corporation Limited (PFC) and REC Limited (REC) approved the
Scheme of Merger (Scheme) for merger of REC (Transferor Company) into PFC (Transferee Company) and
their respective shareholders and creditors, under Sections 230 to 232 and other applicable provisions of
the Companies Act, 2013. The merger of REC into PFC shall create a financing entity with an aggregate
loan book of over INR 11 lakh crore.

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