India is rapidly becoming the energy growth centre for the world. Inaugurating India Energy Week 2024, organized from 6th to 9th February in Goa, PM Narendra Modi stated, “IEW is not just India’s event but a reflection of ‘India with the world and India for the world’ sentiment.”
Feb 06, 2024
Prime Minister Shri Narendra Modi, inaugurating the second edition of India Energy Week 2024 in Goa, announced the Government’s plans for major investments in India’s energy sector. PM Modi commenting on the investments said, “Our reforms have ensured that the use of domestic gas is rapidly increasing. Today India offers opportunities for USD 67 billion investment as we move from 6 percent to 15 percent of natural gas share in our energy mix.” The strategic step underlines the government’s plans to achieve Net Zero emissions by 2070.
India, the 5th largest economy, has a central role in the global energy market. India is the third-largest energy consumer, third-largest oil consumer, fourth-largest LNG importer, refiner, and automotive market in the world. PM Modi emphasized India’s commitment to unprecedented levels of investment in the energy sector while addressing the gathering of global energy leaders. The Prime Minister underlined that the massive government spending in the sector will create new avenues for investment in India. The Prime Minister said that the government has committed to spending INR 11 trillion on infrastructure in the Union budget.
PM Modi said, “India is going to spend INR 11 trillion on infrastructure. A large part of this will surely go to the energy sector. You can see how India is continuously increasing energy capacity.” While stressing on the growing energy use and the effort for energy transition, PM Modi said that sales of two and four-wheelers were breaking records in India. “India’s EV demand is also increasing. It’s expected that India’s energy demand will double by 2045,” PM Modi said.
India is rapidly becoming the energy growth centre for the world. Outlining the priority of the government to provide affordable energy to all, PM Modi said, “Despite global factors, India is the only county where rates of petrol and diesel have reduced. Because of such efforts, India is today at the forefront of the energy sector.”
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Moreover, spelling out the efforts of the government to scale up solar energy use, PM Modi said, “we have announced solar rooftop installation for 1 crore houses. The electricity produced by these homes will reach the grid directly. Solar value chain offers great investment opportunities.”
On India’s central role in the global energy landscape, PM Modi said that India was not only fulfilling its energy demand but was also setting the growth trajectory for the world. The Prime Minister also emphasized that rapid reforms being undertaken by the government are making India a global destination for investment in the energy sector.
