Updated February 6th, 2024 at 14:33 IST

India's energy sector expects $67 billion investment over 5-6 years: PM Modi at India Energy Week

"In the next 5-6 years, the investment of $67 billion is going to be done in the energy sector in India," the Prime Minister Modi said.

Reported by: Business Desk
India energy sector investment | Image:Freepik, India Energy Summit
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India energy sector investment: Prime Minister Narendra Modi announced on Tuesday, February 6, that India anticipates attracting a staggering investment of $67 billion in the energy sector over the next 5 to 6 years. Speaking at the inauguration of the second edition of India Energy Week, Modi extended an invitation to global investors to participate in India's remarkable growth trajectory.

Modi outlined India's robust economic growth rate, exceeding 7.5 per cent, positioning the nation on track to become the world's third-largest economy. He spoke about India's ambition to boost its refining capacity from 254 MMTPA to 450 MMTPA by 2030, signalling substantial opportunities for investors in the energy sector.

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Highlighting the significant investment forecast, Modi stated, "In the next 5-6 years, the investment of $67 billion is going to be done in the energy sector in India." He underscored the unprecedented scale of investment pouring into India's energy sector, marking a pivotal moment in the nation's development journey.

Reforms and strategies in India's energy management, including measures to reduce petrol and diesel prices, have positioned the country as a key player in the global energy landscape. The prime minister reiterated India's commitment to leveraging domestic natural gas production, aiming to elevate the share of gas in its energy mix to 15 per cent by 2030.

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Addressing environmental sustainability, Modi stressed on initiatives like ethanol blending in petrol, which has increased from 1.5 per cent to 12 per cent over the last decade. He announced ambitious targets, envisioning ethanol blending to reach 20 per cent by 2025, demonstrating India's proactive approach to energy diversification and environmental conservation.

In the realm of renewable energy, Modi underscored India's commitment to reducing global emissions, targeting net zero by 2070. He highlighted initiatives such as the solar rooftop installation scheme for one crore homes, emphasising the surplus electricity generated will be seamlessly integrated into the national grid.

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India's contribution to global emissions stands at a modest 4 per cent, reflecting the nation's proactive stance towards environmental stewardship. Modi's address encapsulated India's unwavering dedication to sustainable energy practices, positioning the nation as a beacon of progress and innovation in the global energy arena.

(With PTI inputs.)

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Published February 6th, 2024 at 14:30 IST