India to see investment of USD 67 billion in energy sector over next few years, says Prime Minister Modi
A robust energy sector bodes well for national progress, says Prime Minister Modi
India will see an investment of about USD 67 billion in the energy sector over the next 5-6 years, Prime Minister Narendra Modi has said.
Delivering the inaugural address at India Energy Week 2024 in Goa on Tuesday (February 6, 2024), he highlighted the country's unprecedented infrastructure push. Prime Minister Modi referred to the INR 11 lakh crore that the recent Budget pledged for infrastructure, a big part of which will go to the energy sector. This amount will create assets in railways, roadways, waterways, airways or housing which will need energy leading to India’s efforts to expand its energy capacity, he said.
"A robust energy sector bodes well for national progress," Modi stated, underscoring the optimism of global experts about India's growth trajectory. He proudly declared, "India is not just meeting its needs but is also determining the global direction."
The Prime Minister's address to the gathering highlighted the significance of the event, taking place in Goa, a state renowned for its hospitality and natural beauty. "The spirit of Goa is the perfect backdrop for discussions on a sustainable future," Modi remarked, expressing his belief that the event would leave an indelible mark on its international attendees.
India's economic prowess was a key focus, with Prime Minister Modi noting the country's impressive GDP growth rate, surpassing 7.5 percent in the first half of the fiscal year, positioning India as the fastest growing economy globally. This growth, supported by a vibrant energy sector, places India on the path to becoming the world's third largest economy.
Prime Minister Modi detailed India's strategic efforts to meet the surging energy demand, projected to double by 2045. Initiatives to ensure affordable fuel and achieve 100 percent electricity coverage exemplify the nation's commitment to energy accessibility. The government's investment in infrastructure, particularly in the energy sector, aims to enhance capacity and support sustainable growth.
The Global Biofuels Alliance was highlighted as a grit to India's leadership in fostering global collaboration. With 22 nations and 12 international organizations on board, the alliance aims to promote biofuel usage, marking a significant step towards a sustainable energy future.
The Prime Minister also outlined initiatives to boost the rural economy through Waste to Wealth Management and the development of environmentally conscious energy sources, reinforcing India's dedication to sustainable development. With a focus on self-reliance, particularly in the solar energy sector, he explained the transformative potential of initiatives like the Solar Rooftop Panel mission.
India's strides in renewable energy, especially solar and green hydrogen, were emphasized as key components of the nation's energy strategy.
Concluding his address, Prime Minister Modi reflected on India Energy Week as a symbol of India's global cooperation in energy, embodying the spirit of "India with the world and India for the world." He called for collaborative efforts in sustainable energy development, envisioning a prosperous and environmentally sustainable future.
India Energy Week 2024 serves as a crucial platform for dialogues on energy innovation, sustainability, and global cooperation. With participation from energy ministers, industry leaders, and experts from around the world, the event is poised to propel India and the global community towards a more sustainable energy future.
This prestigious event, India's largest and only comprehensive energy exhibition and conference, aims to catalyse India's energy transition by bringing together stakeholders across the energy value chain.