Team Blitz India
INVITING global players to participate in India’s energy sector growth, Prime Minister Narendra Modi said the country will see an investment of $ 67 billion or about ₹5.5 lakh crore in the energy sector in the next 5 to 6 years.
“Our primary energy demand is expected to double by 2045 and we are making preparations for that,” PM Modi said in his speech at India Energy Week in Goa. The Prime Minister said, “The India Energy Week event is not just India’s event but a reflection of ‘India with the world and India for the world’ sentiment.”
He encouraged collaboration and knowledge sharing in sustainable energy development, stating, “Let us learn from each other, collaborate on cutting-edge technologies, and explore avenues for sustainable energy development.”
Noting that India Energy Week 2024 is taking place at a significant time period when India’s GDP rate crossed 7.5 percent in the first six months of the financial year, the Prime Minister said that the growth rate is higher than the global growth estimate making India the fastest growing economy in the world. He said the country is expected to increase its refining capacity from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.
Narendra Modi @narendramodi
PM Modi said that of the ₹11 lakh crore earmarked for infrastructure in last week’s Union Budget, a big part will go to the energy sector. This amount will create assets in railways, roadways, waterways, airways or housing, which will need energy, prompting India’s efforts towards expanding its energy capacity, he said.
Prime minister expressed delight that the event is taking place in the energetic state of Goa and said that it is the perfect destination for a discussion on a sustainable future and sensitivity towards the environment. He expressed confidence that the foreign guests who have gathered in Goa for the ‘India Energy Week’ will take along a lifetime memory of the state.
The Prime Minister noted that India is the world’s third largest energy, oil and LPG consumer. He said that India is the fourth largest LNG importer and refiner along with the fourth largest automobile market. He also underlined rising demand of Electric Vehicles in the country. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.
Encouraging and fostering startups and integrating them into the energy value chain will be an important focus for India Energy Week 2024.