During the commencement of the second edition of India Energy Week 2024, Prime Minister Narendra Modi revealed that India is poised to experience a substantial investment of USD 67 billion in the energy sector within the next 5 to 6 years. Emphasizing India’s robust economic growth surpassing 7.5 percent, he envisioned India’s ascent to the position of the world’s third-largest economy in the near future, highlighting its economic resilience.
Expressing optimism about the forthcoming investment, Modi extended a warm invitation to global investors, urging their active participation in India’s ambitious energy sector expansion. Central to the expansion plans is a significant increase in India’s refining capacity, with a target to elevate it from the current 254 million metric tonnes per annum (MMTPA) to an impressive 450 MMTPA by 2030.
Prime Minister Modi underscored India’s commendable progress in the realm of renewable energy and ethanol blending. Notably, he pointed out that India’s solar installed capacity has surged more than 20-fold over the past decade. Additionally, he highlighted the remarkable growth in ethanol blending, which has escalated from a modest 1.5 percent to an impressive 12 percent.
Addressing the critical issue of energy affordability and accessibility, PM Modi noted that despite global challenges, India has managed to reduce petrol and diesel prices over the last two years. He proudly stated that India has achieved 100% electricity coverage, ensuring that every corner of the country has access to electricity.
Highlighting the nation’s commitment to modernizing infrastructure, Prime Minister Modi disclosed a substantial investment of about ₹10 lakh crore in infrastructure development for the current financial year. He further expounded on India’s escalating energy demand, projecting a doubling to approximately 38 million barrels by the year 2045.
In essence, Prime Minister Modi’s address at the India Energy Week 2024 encapsulated India’s ambitious vision for the energy sector, emphasizing sustainable growth, technological advancement, and global collaboration to meet the evolving energy needs of the nation.
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