India Energy Week 2024: During the inauguration of the second edition of India Energy Week 2024 Prime Minister Narendra Modi said that India is set to witness an investment of USD 67 billion in the energy sector over the next 5 to 6 years.
He emphasized India's robust economic growth, surpassing 7.5 per cent, and projected India to become the world's third-largest economy shortly. He said, “In the next 5-6 years, the investment of USD 67 billion is going to be done in the energy sector in India."
Modi extended an invitation to global investors, urging them to actively participate in India's energy sector expansion. He highlighted plans to significantly enhance India's refining capacity, aiming to increase it from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.
Prime Minister Modi emphasized India's significant progress in renewable energy and ethanol blending. He highlighted that India's solar installed capacity has increased by more than 20 times over the past decade. Additionally, he mentioned the remarkable rise in ethanol blending, which has surged from a mere 1.5 per cent to over 12 per cent.
“Amidst the increasing energy demand, India is also ensuring affordable energy in every corner of the country. India is a country where despite many global factors, the prices of petrol and diesel have come down in the last two years. Apart from this, India has achieved 100% electricity coverage," PM Modi added.
“India is building a modern infrastructure of the 21st century, we are working on the infrastructure-building mission, in this financial year we are investing about ₹10 lakh crore on infrastructure," the Prime Minister said.
Talking about India's energy demand, PM Modi said that it will double to about 38 million barrels by 2045.
“Experts across the world believe that India will soon become the third-largest economy in the world. The energy sector is important in this growth story of India. India is already the third-largest energy consumer in the world. India is the third largest oil consumer and the third largest LPG consumer. We are the world's fourth largest importer of LNG, fourth largest refiner and fourth largest automobile market. Today, new records are being made in the sales of two-wheelers and four-wheelers in India. Demand for EVs is continuously increasing, it is also estimated that India's primary energy demand will double by 2045," the PM said.
Speaking about diversification of energy sources, the percentage of natural gas in the overall energy mix is being raised from 6 to 15 per cent. In the next 5 to 6 years, PM Modi said about USD 67 billion investment will be made.
“As part of his government's waste-to-wealth management programme, as many as 5,000 compressed biogas plants are being worked upon," he said.
India, the world's third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand.
“India's carbon emission share is just 4 per cent globally, but still we are improving on our energy mix for a sustainable future. India is emphasizing the development of environmentally conscious energy sources to enhance our energy mix. Our goal is to achieve Net Zero Emission by 2070," he said.