India to Witness $67 Billion Investment in Gas Sector, Says PM Modi at India Energy Week
- ByStartupStory | February 7, 2024
Prime Minister Narendra Modi announced on Tuesday that India is set to receive an investment of $67 billion, approximately Rs 5.5 lakh crore, in the next 5-6 years as the nation focuses on increasing its share of gas in the primary energy mix. Speaking at the inauguration of the second edition of India Energy Week, Modi highlighted India’s robust economic growth rate of over 7.5% and projected India to become the world’s third-largest economy soon.
Inviting global players to participate in India’s energy sector growth, Modi stated that India aims to increase its refining capacity from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030. He emphasized that a significant portion of the Rs 11 lakh crore allocated in the FY25 budget for infrastructure will be directed towards the energy sector to create assets in railways, roadways, waterways, airways, or housing, which will require energy.
Modi outlined India’s efforts to increase the percentage of gas in the primary energy mix from 6% to 15%, leading to an investment of about $67 billion in the next 5-6 years. He noted that India’s GDP growth rate surpassed 7.5% in the first six months of the financial year, making it the fastest-growing economy globally. He also cited the International Monetary Fund’s prediction of India becoming the third-largest economy in the world.
Highlighting India’s commitment to sustainable energy practices, Modi mentioned the rise in ethanol blending from 1.5% in 2014 to 12% in 2023, resulting in a reduction of carbon emissions by about 42 million metric tonnes. He announced a target of 20% ethanol blending in petrol by 2025 and highlighted the government’s initiative to install 5,000 compressed biogas plants in India.
Modi emphasized India’s focus on renewable energy, stating that the country ranks fourth in the world in renewable energy installed capacity, with around 40% of installed energy capacity coming from non-fossil fuels. He highlighted the significant growth in India’s solar energy installed capacity over the past decade and the launch of a mission to install solar rooftop panels in one crore homes, aiming to make them self-reliant in the energy sector.
The Prime Minister also discussed India’s strides in the green hydrogen sector, stating that the National Green Hydrogen Mission will position India as a hub of hydrogen production and exports. He expressed confidence in India’s green energy sector and its potential to attract investment.
The India Energy Week event reflects India’s commitment to global cooperation in the energy sector. Earlier in the day, Modi inaugurated the ONGC Sea Survival Centre, which will train 10,000 to 15,000 personnel annually.
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