During the second edition of the India Energy Week, Prime Minister Narendra Modi revealed that India is set to witness a massive influx of investment totaling USD 67 billion in the energy sector over the next 5 to 6 years. The Prime Minister extended a warm invitation to global investors, urging them to participate in India’s burgeoning growth trajectory.
Highlighting India’s robust economic performance, Prime Minister projected that the nation is poised to ascend as the world’s third-largest economy in the near future, boasting a growth rate exceeding 7.5 percent. He emphasized India’s ambitious plans to escalate its refining capacity from 254 MMTPA to 450 MMTPA by 2030, signifying a substantial expansion in the energy sector.
He underscored the unprecedented investment commitment in the energy sector, labeling it as a monumental milestone for India’s developmental journey. Moreover, he outlined India’s soaring energy demands, anticipating a doubling of the primary energy demand by 2045.
Addressing India’s status as a significant player in the global energy landscape, he highlighted the nation’s ranking as the third-largest consumer of crude oil and LPG, along with being the fourth-largest importer of LNG.
The Prime Minister also shed light on India’s proactive energy management strategies amidst global challenges, citing reductions in petrol and diesel prices over the past two years. He attributed India’s economic resilience to government reforms, which have catalyzed domestic natural gas production and are steering towards a target of 15 percent gas share in the energy mix by 2030.
In addition, PM emphasized the substantial strides in ethanol blending in petrol, noting a remarkable increase from 1.5 percent to 12 percent over the last decade. He affirmed the government’s commitment to further boost ethanol blending, aiming for a commendable 20 percent by 2025.
Furthermore, he reiterated India’s commitment to environmental sustainability, disclosing plans to achieve net zero emissions by 2070. He highlighted the surplus electricity generation from the recently announced scheme to install solar rooftops on one crore homes, emphasizing its integration into the national grid.
