India Energy Week 2024: Prime Minister Narendra Modi announced at the opening of the second edition of India Energy Week 2024 that India is expected to see USD 67 billion invested in the energy sector over the course of the next five to six years.
He highlighted India’s strong economic growth, which has surpassed 7.5%, and predicted that India’s GDP will soon overtake the third largest in the world. “In the next five to six years, India’s energy sector will receive an investment of USD 67 billion,” the speaker declared.
PM Modi invited foreign investors and urged them to take an active role in the growth of India’s energy sector. In order to raise India’s refining capacity from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030, he outlined plans to considerably improve it.
India has made great strides in combining ethanol and renewable energy, as highlighted by PM Modi. He emphasized that during the previous ten years, India’s installed solar capacity has grown by a factor of more than twenty. Furthermore, he brought up the astounding increase in ethanol blends, which have gone from 1.5% to above 12%.
India is making sure that there is inexpensive electricity available everywhere in the nation even in the face of rising energy demand. In India, the cost of gasoline and diesel has decreased throughout the past two years, in spite of numerous worldwide influences. India has 100% energy coverage aside from this, PM Modi continued.
The Prime Minister declared, “We are working on the infrastructure-building mission and we are investing about ₹10 lakh crore on infrastructure in this financial year. India is building a modern infrastructure of the 21st century.”
PM Modi predicted that by 2045, India’s energy consumption would have doubled to almost 38 million barrels.
It is widely predicted by experts that India’s economy will rise to become the third largest in the world in the near future. In this tale of India’s economic growth, the energy sector is significant. India currently ranks third globally in terms of energy consumption. India is the third-largest consumer of LPG and oil respectively. We are the fourth-biggest refiner, fourth-biggest vehicle market, and fourth-biggest importer of LNG worldwide. In India, sales of two- and four-wheelers are breaking records right now. In addition to the ongoing rise in demand for EVs, the PM Modi predicted that India’s primary energy consumption would treble by 2045.
In relation to energy source diversification, natural gas’s share of the total energy mix is increasing from 6% to 15%. According to PM Modi, an investment of USD 67 billion will be made over the next five to six years.
Up to 5,000 compressed biogas plants are being worked on as part of his government’s waste-to-wealth management initiative, he said. India, the third-largest oil consumer and importer in the world, depends on the global market for crude oil from a variety of sources to suit its domestic needs.
Even though India only contributes 4% of the world’s carbon emissions, we are nevertheless working to improve our energy mix for a sustainable future. In order to improve our energy mix, India is placing a strong emphasis on the development of ecologically friendly energy sources. By 2070, we want to have achieved Net Zero Emissions,” he stated.
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