India Energy Week 2024: India set to double energy demand by 2045: PM

Economic Energy: India is set to double its energy demand by 2045 on the back of record vehicle sales and a surging EV demand, according to Prime Minister Narendra Modi.

PM Modi, while inaugurating the India Energy Week in Goa today, also spoke on green investments and equipping 1 crore homes with solar rooftops, as outlined in the Interim Budget last week.

The Prime Minister was welcomed by Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas as well as Housing and Urban Affairs.

“India's journey is remarkable - we are the fastest-growing economy, and a leader in the global energy landscape. Our position as the third-largest energy consumer, oil consumer, and a significant player in the LNG and automobile markets underscores our pivotal role. With record-breaking vehicle sales and a surging EV demand, we are set to double our energy demand by 2045,” the Prime Minister said.

India is on track to become the third-largest world economy, with the energy sector playing a pivotal role in reaching the milestone, as per PM Modi.

The country is also the fourth largest LNG importer and refiner, he added, saying that the country’s refining capacity stands at 254 mmtpa (Million Metric Tonnes per Annum) with a target of 450 mmtpa for 2030.

“India has been unique in reducing petrol and diesel prices, leading the way in energy affordability amidst global shifts. With plans to equip 1 crore homes with solar rooftops, we're lighting up lives and ensuring that the electricity produced in homes is injected into the grid. This opens up new avenues for green investment,” he added.

Our focus, the Prime Minister emphasised, extends beyond just meeting domestic needs, to setting global benchmarks in sustainable energy practices.

Shedding light on the green energy sector, the Prime Minister said it has the potential to make both investors and industries a sure-shot winner. 

In the green hydrogen sector, the National Green Hydrogen Mission will pave the way for India becoming a centre of hydrogen production and export, he added.

Inviting investments from global leaders in the energy sector, the PM also said Goa is the perfect destination for discussion on sustainable future.

Union Minister Puri said in his address while inviting the Prime Minister that the event has 900 exhibitors, which is 30 per cent more than last year, reflecting India’s position as the global energy demand centre. 

“Under the leadership of Prime Minister Narendra Modi, India’s flagship schemes like PM Ujjwala Yojana and global biofuel alliance have attracted the world’s attention and adoption,” he added.

Goa Governor P S Sreedharan Pillai, state Chief Minister Pramod Sawant,  MoS Rameswar Teli were among the present on the occasion.