During the inauguration of the second edition of India Energy Week 2024, Prime Minister Narendra Modi revealed India’s ambitious goal to attract a whopping USD 67 billion investment in the energy sector over the next 5 to 6 years.
Highlighting India’s robust economic growth, surpassing 7.5 percent, Prime Minister Modi projected India’s imminent rise as the world’s third-largest economy. He underlined the forthcoming investment of USD 67 billion in India’s energy sector.
Extending an invitation to global investors, PM Modi urged them to actively participate in India’s energy sector expansion. He outlined plans to significantly boost India’s refining capacity, aiming to elevate it from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.
Emphasizing India’s remarkable progress in renewable energy and ethanol blending, Prime Minister Modi noted a more than 20-fold increase in India’s solar installed capacity over the past decade. Additionally, he highlighted the significant rise in ethanol blending, surging from a mere 1.5 percent to over 12 percent.
Amidst the surging energy demand, India is steadfastly ensuring affordable energy accessibility across the nation. Prime Minister Modi emphasized India’s achievement in stabilizing petrol and diesel prices over the last two years, despite global challenges. Furthermore, he highlighted India’s accomplishment of achieving 100% electricity coverage.
Addressing India’s burgeoning energy demand, PM Modi forecasted a doubling of energy consumption to about 38 million barrels by 2045. Furthermore, he outlined plans to raise the percentage of natural gas in the overall energy mix from 6 to 15 percent, signaling a diversification of energy sources. In the next 5 to 6 years, Prime Minister Modi anticipates about USD 67 billion investment in this endeavor.
