PM Modi during the inauguration of the India Energy Week 2024 in Goa on February 6. PTI
India will see investment of $67 billion in next 5-6 years in energy sector: PM Modi
The PM invited global players to participate in India's energy sector growth, and said that the country's primary energy demand would be doubled by 2045
Inaugurating the second edition of the India Energy Week in Goa on Tuesday (February 6), Prime Minister Narendra Modi said that India would see an investment of USD 67 billion in the energy sector in the next 5 to 6 years as he invited global investors to participate in India's growth story.
Modi said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world's third-largest economy.
He invited global players to participate in India's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030.
‘India’s primary energy demand will double by 2045’
The prime minister further said that India is investing unprecedented money in the energy sector. He also said that the country's primary energy demand would be doubled by 2045.
He said India is the third-largest consumer of crude oil and LPG and the fourth-largest importer of LNG.
“Petrol and diesel prices reduced in India in the last two years,” said the prime minister recounting the country's energy management strategy in the face of global problems.
He said all experts are of the opinion that India is the fastest-growing major economy and will soon become the world's third-largest economy.
‘Reforms boosting domestic natural gas production’
“Government reforms are helping boost domestic natural gas production and India is targeting to raise the share of gas in its energy mix to 15 per cent by 2030,” he added.
About the blending of ethanol in petrol, he noted that it has increased from 1.5 per cent to 12 per cent in the last 10 years.
“Ethanol blending in petrol will reach 20 per cent by 2025,” he added.
“India accounts for just 4 per cent of global emissions and is targeting net zero by 2070,” the prime minister said, adding that surplus electricity generated from the just-announced scheme of installing solar panels on the rooftops of one crore homes will be connected to the grid.
(With inputs from agencies)
