Prime Minister Narendra Modi announced on Tuesday that India is poised to witness a staggering investment of USD 67 billion in the energy sector over the next 5 to 6 years. Speaking at the inauguration of the second edition of the India Energy Week in Goa, Modi extended an invitation to global investors to partake in India's growth narrative.
Highlighting India's robust economic growth, currently exceeding 7.50 per cent, Modi emphasised the nation's imminent ascension to the rank of the world's third-largest economy. He underscored India's ambition to augment its refining capacity from 254 MMTPA (million metric tonne per year) to 450 MMTPA by 2030.
Modi said, "In the next 5-6 years, an investment of USD 67 billion is going to be made in the energy sector in India." He stressed that India's energy sector is experiencing unprecedented investment, a feat unparalleled in its history.
Furthermore, Modi projected that India's primary energy demand would double by 2045. India currently stands as the third-largest consumer of crude oil and LPG and the fourth-largest importer of LNG.
The Prime Minister reflected on India's strides in managing energy amidst global challenges, noting reductions in petrol and diesel prices over the past two years. He underscored India's position as the fastest-growing major economy, with GDP growth surpassing 7.5 per cent, exceeding estimates by global bodies.
Modi highlighted government reforms propelling domestic natural gas production and reiterated India's target to elevate the share of gas in its energy mix to 15 per cent by 2030. He also underscored progress in ethanol blending in petrol, which has increased from 1.5 per cent to 12 per cent in the last decade, with a target of reaching 20 per cent by 2025.
In addressing environmental concerns, Modi asserted that India accounts for only 4 per cent of global emissions and is committed to achieving net zero emissions by 2070. He also announced plans to connect surplus electricity generated from a recently announced scheme installing solar rooftops on one crore homes to the grid.
