PM Modi Highlights India's Energy Commitment at India Energy Week 2024
Highlighting India's pivotal role in global energy markets, PM Modi emphasized that India, as the third-largest energy consumer, plays a central role in shaping the global energy landscape.
February 07, 2024. By Abha Rustagi
"Investing in the energy sector is pivotal for India's future, and we are determined to lead the way," declared PM Modi during his keynote address at one of the most anticipated global energy conclaves.
Highlighting India's pivotal role in global energy markets, PM Modi emphasized that India, as the third-largest energy consumer, plays a central role in shaping the global energy landscape. “India’s EV demand is also increasing. It’s expected that India’s energy demand will double by 2045,” he said.
PM Modi also outlined the government's priority to provide affordable energy to all citizens, citing initiatives such as the reduction in petrol and diesel rates as evidence of India's proactive stance in the energy sector.
Furthermore, PM Modi elaborated on India's efforts to scale up solar energy usage, announcing plans for solar rooftop installations in one crore houses. “We have announced solar rooftop installation for 1 crore houses. The electricity produced by these homes will reach the grid directly. Solar value chain offers great investment opportunities,” he said.
Speaking on India's ambitious energy reforms, PM Modi said, “Our reforms have ensured that the use of domestic gas is rapidly increasing. Today India offers opportunities for USD 67 billion investment as we move from 6 percent to 15 percent of natural gas share in our energy mix.”
Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri, echoed PM Modi's sentiments, affirming India's ascent as the energy growth center for the world. He highlighted the significant growth in exhibitor participation at the India Energy Week 2024, showcasing global interest in India's energy story.
The Minister said, “in keeping with the vision of the PM to turn adversity into an opportunity, India, despite having no large oil reserves of its own, has managed to successfully develop a large oil industry by strategic planning and investments in the refining sector.” Last fiscal year, crude oil was India’s biggest import item, while petroleum products made up the largest share of exports, he noted.
Over the next three days, IEW 2024 will feature an array of strategic and technical sessions with over 400 global speakers contributing to discussions on energy availability, affordability, and sustainability.
Underlining the significance of IEW 2024 for Goa, Chief Minister Pramod Sawant expressed optimism about Goa emerging as a global energy hub.
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