Prime Minister Narendra Modi announced on Tuesday that India is poised to receive a whopping $67 billion in investments in the natural gas supply chain over the next 5-6 years. This landmark investment is part of the country’s ambitious plans to revitalize its energy sector and cater to the escalating demands of the world’s fastest-growing major economy.
Addressing the second edition of the India Energy Week, PM Modi highlighted the transformative reforms initiated by his government, leading to a surge in domestic natural gas production. The ultimate goal is to elevate the share of natural gas in India’s energy mix to 15% by 2030, a significant jump from the current 6.3%.
Natural gas, hailed as a transitional fuel, is pivotal in India’s journey towards achieving net-zero carbon emissions by 2070. Its versatility in electricity generation, fertilizer production, automotive fuel, and cooking makes it a cleaner alternative to traditional fossil fuels like coal.
India’s unprecedented economic growth, surpassing a GDP growth rate of 7.5% in the first six months of the fiscal year, underscores the urgent need for robust energy infrastructure. PM Modi emphasized that India’s energy demand is expected to double by 2045, positioning the country as a global energy powerhouse.
Recognizing India’s ascension as the world’s third-largest energy consumer and a major player in LNG imports and refining, PM Modi urged global investors to seize the abundant opportunities in India’s energy sector. He emphasized the need for collaborative efforts to foster prosperity while ensuring environmental sustainability.
The prime minister reiterated his government’s commitment to providing affordable and sustainable energy access to all segments of society. Despite global challenges, India has managed to reduce petrol prices and achieve 100% electricity coverage by electrifying millions of households in recent years.
PM Modi outlined a comprehensive strategy to meet India’s energy needs, combining conventional fuels with renewable sources like biofuels and hydrogen. The government’s record investment of ₹11.11 lakh crore for 2024-25, with a significant portion allocated to the energy sector, is set to bolster India’s energy capacity and infrastructure.
India’s leadership in renewable energy was underscored by PM Modi, with the country ranking fourth globally in installed capacity. The exponential growth of solar energy, with a capacity increase of over 20 times in the past decade, highlights India’s commitment to sustainable development.
The launch of ambitious initiatives such as the solar rooftop panel mission and the National Green Hydrogen Mission underscores India’s proactive stance in green energy adoption and innovation. PM Modi expressed confidence that India’s green energy sector will not only attract investments but also emerge as a winning proposition for investors and industries alike.
India Energy Week 2024, held from February 6 to 9 in Goa, serves as a pivotal platform for stakeholders across the energy value chain to collaborate and chart the course for India’s energy future. With robust investments, innovative policies, and a steadfast commitment to sustainability, India is poised to emerge as a global leader in the energy transition.
