New Delhi: Prime Minister Narendra Modi announced a groundbreaking investment plan of USD 67 billion in India’s energy sector over the next 5 to 6 years during the inauguration of the second edition of India Energy Week 2024. Emphasizing India’s robust economic growth surpassing 7.5%, Modi projected India to become the world’s third-largest economy shortly.
Modi extended a warm invitation to global investors, urging them to actively participate in India’s energy sector expansion. The plan aims to significantly enhance India’s refining capacity, with a target set to increase it from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.
Highlighting India’s substantial progress in renewable energy and ethanol blending, Modi stated that India’s solar installed capacity has increased by over 20 times in the past decade. Additionally, he acknowledged the remarkable rise in ethanol blending, surging from 1.5% to over 12%.
“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.
The Prime Minister emphasized India’s commitment to building a modern infrastructure of the 21st century, with an investment of about ₹10 lakh crore on infrastructure in the current financial year.
Addressing India’s energy demand, Modi forecasted it to double to about 38 million barrels by 2045. Experts worldwide believe that India will soon become the third-largest economy globally, with the energy sector playing a crucial role in this growth story.
India is actively diversifying its energy sources, with plans to raise the percentage of natural gas in the overall energy mix from 6% to 15% in the next 5 to 6 years, backed by a USD 67 billion investment.
“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, being the world’s third-biggest oil importer and consumer, aims to reduce its carbon footprint, with Modi stating, “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.”