The News Freedom
Goa, February 6
Prime Minister Narendra Modi revealed today that India is poised to attract a staggering investment of USD 67 billion in the energy sector within the next 5 to 6 years. Elaborating on the unprecedented infrastructure drive, Modi underscored the allocation of 11 lakh crore rupees from the recent budget, a substantial portion of which is earmarked for the energy sector.
Speaking at the India Energy Week 2024, Modi highlighted the timing of the event against the backdrop of India’s GDP surpassing 7.5 percent growth in the first half of the financial year, outpacing global growth estimates and positioning India as the world’s fastest-growing economy. He cited projections from the International Monetary Fund affirming similar growth trajectories, with experts foreseeing India ascending to the rank of the world’s third-largest economy.
The energy sector is thriving in India! pic.twitter.com/bY77zcLMkQ
— Narendra Modi (@narendramodi) February 6, 2024
Modi emphasized India’s prominence as the world’s third-largest energy, oil, and LPG consumer, as well as the fourth-largest importer and refiner of LNG and the fourth-largest automobile market. He accentuated the burgeoning demand for electric vehicles (EVs) and projected a doubling of the nation’s energy demand by 2045. Modi outlined India’s strategy to meet this escalating demand, emphasizing efforts to ensure affordable fuel.
Addressing the issue of petrol prices and electricity coverage, Modi touted India’s resilience in the face of adverse global conditions, boasting of reduced petrol prices and achieving 100 percent electricity coverage by electrifying millions of households. “India is not merely fulfilling its own requirements but also shaping global trends,” Modi asserted.
Drawing parallels with India’s ancient traditions of reuse and sustainability, Modi emphasized their relevance to the energy sector, exemplified by initiatives such as the Global BioFuel Alliance. Established during the G20 Summit in India, the Alliance has garnered support from 22 nations and 12 international organizations, fostering the use of biofuels globally and generating economic opportunities worth $500 billion.
Highlighting India’s progress in the biofuel sector, Modi cited a significant increase in ethanol blending from 1.5 percent in 2014 to 12 percent in 2023, resulting in a reduction of carbon emissions by approximately 42 million metric tons. He announced the government’s target of achieving 20 percent ethanol blending in petrol by 2025 and noted the expansion of ethanol blending outlets from over 80 to 9,000 since India Energy Week last year.
Key Points:
- India anticipates attracting USD 67 billion investment in the energy sector over 5 to 6 years.
- 11 lakh crore rupees from the recent budget are allocated for infrastructure, with a significant portion directed towards the energy sector.
- India’s GDP growth rate surpasses 7.5 percent, positioning it as the world’s fastest-growing economy.
- International Monetary Fund projections indicate India’s ascent to the world’s third-largest economy.
- India ranks among the top consumers of energy, oil, and LPG globally.
- Modi emphasizes India’s commitment to affordable fuel and achieving 100 percent electricity coverage.
- India showcases its ancient traditions of reuse and sustainability in the energy sector.
- The Global BioFuel Alliance, initiated during the G20 Summit in India, receives widespread support.
- India witnesses a significant rise in ethanol blending and aims for 20 percent blending in petrol by 2025.
- The number of ethanol blending outlets increases substantially, signaling progress in India’s biofuel sector.