Prime Minister Narendra Modi on Tuesday inaugurated the India Energy Week 2024 which is set to take place in Goa from February 6-9.
This energy exhibition and conference is aimed to unite all aspects of the energy sector to drive India's energy transition objectives.
Prime Minister Narendra Modi on Tuesday inaugurated the India Energy Week 2024 which is set to take place in Goa from February 6-9.
This energy exhibition and conference is aimed to unite all aspects of the energy sector to drive India's energy transition objectives.
The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.
The government intends to use this platform to promote startups and firms that can aid in achieving India's energy targets. The event anticipates the participation of 17 energy ministers from various nations, along with 35,000 attendees and over 900 exhibitors.
A unique Make in India Pavilion is being arranged to display the innovative solutions that Indian MSMEs are leading in the energy industry.
The event will feature six exclusive country pavilions, showcasing Canada, Germany, the Netherlands, Russia, the UK, and the US.
India is trying to shift from non-renewable to renewable energy sources and achieve 'Aatmanirbharta' in energy requirements.
On Tuesday, PM Modi announced that India is set to attract a massive investment of USD 67 billion, approximately Rs 5.5 lakh crore, over the next 5-6 years. This investment is aimed at boosting the use of gas in the country's primary energy mix.
He reportedly said, "rising production of domestic gas due to the government's reforms and the country is making efforts to take the percentage of gas in the primary energy mix from 6 to 15 per cent. This will see an investment of about 67 billion dollars in the next 5-6 years"
During the inauguration of the second edition of the India Energy Week, Modi highlighted India's economic growth rate of over 7.5 per cent, projecting the nation to become the world's third-largest economy in the near future.
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.
Referring to his government's unprecedented infrastructure push, Modi said that of the Rs 11 lakh crore that the FY25 budget has pledged for infrastructure, 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, explained PM Modi.
Addressing global environmental concerns, he reportedly stated, "despite being home to 17 per cent of the world's population, India's carbon emission share is only 4 per cent. We are committed to further improving our energy mix by focusing on the development of environmentally sensitive energy sources."
The prime minister stated that India aims to reach net zero emissions by 2070.
He further stated, "Today, India ranks fourth in the world in renewable energy installed capacity." Around 40 per cent of India's installed energy capacity comes from non-fossil fuels.
PM Modi mentioned that the effort to promote solar energy is picking up speed in India.
He also pointed out that the introduction of a significant initiative to set up solar rooftop panels in one crore homes throughout India will not only make one crore families independent in the energy sector, but also create systems to supply surplus electricity generated directly to the grid.
He reportedly said, "There is a great potential for investment in the entire solar value chain."
He expressed hope about India's renewable energy industry's potential to be a definite success for both investors and businesses.
The India Energy Week event demonstrates India's dedication to international collaboration in the energy field.