The energy industry will receive a significant portion of the ₹11 lakh crore infrastructure investment in next year's budget to satisfy rising demand, according to Prime Minister Narendra Modi. He also encouraged global investors to join India's economic efforts.
During his speech at India Energy Week in Goa, Prime Minister Modi stated, "Our primary energy demand is expected to double by 2045 and we are making preparations for that." He also emphasized that his government was working to provide "affordable energy for our citizens" and alter the energy mix to be more environmentally friendly.
India Energy Week 2024 का उद्घाटन माननीय प्रधानमंत्री श्री नरेंद्र मोदी जी ने ONGC, Goa, India में आधिकारिक रूप से किया। विश्व भर से आये 5000 से अधिक ऊर्जा पेशेवरों को संबोधित करते हुए, उन्होंने ऊर्जा सुरक्षा और आत्मनिर्भर भारत और विश्व के लिए अपनी सोच साझा की, ऊर्जा सहयोग,… pic.twitter.com/3OU042T2W4— IndiaEnergyWeek (@IndiaEnergyWeek) February 6, 2024
India’s investment in the energy sector
In the next five to six years, PM Modi predicted, India's energy sector would receive investments totaling USD 67 billion, or roughly ₹5.5 lakh crore. He also extended an invitation to international companies to join in the country's energy sector expansion, noting that the country's refining capacity is expected to increase from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.
A significant portion of the ₹11 lakh crore allocated for infrastructure in the Union Budget from last week, according to PM Modi, will go towards the energy industry. According to him, this sum will generate assets like homes, rivers, airways, railroads, and roads that require energy, spurring India's efforts to increase its energy capacity.
India has pledged to increase the share of renewable power in its electrical mix from 40% to 50% by the end of the decade, with a net zero economy by 2070.
PM Modi at India Energy Week 2024
PM Modi stated that India's growth rate exceeded global estimates, making it the world's fastest-growing economy. India is currently the world's third-largest consumer of energy, oil, and LPG. It ranks fourth in terms of LNG consumption, refinery production, and the automobile market. "Economic experts around the world believe that India will soon become the third largest economy in the world," Modi stated.
India Energy Week 2024, taking place from February 6 to 9 in Goa, is India's largest and only all-encompassing energy expo and conference, bringing together the whole energy value chain and serving as a catalyst for India's energy transition goals.
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