Modi outlines energy vision for India at Goa summit
What's the story
Prime Minister Narendra Modi, on Tuesday, inaugurated the India Energy Week 2024 in Goa, a four-day event aimed at promoting self-reliance in the sector.
Speaking at the second edition of the event, PM Modi highlighted the country's efforts to expand affordable energy alternatives.
The PM also said that India will see an investment of Rs. 5, 56, 351 crore in the energy section in next five years as he invited global investors to participate in the country's growth story.
Push for affordable fuel
India's energy demand will double by 2045, says PM Modi
PM Modi also said that India's needs will double from the current 19 million barrels by 2045, and announced an elaborate plan to meet the demand.
He also stressed on the country's efforts to ensure affordable fuel.
He said that despite adverse global factors, India was among the few nations where petrol prices have come down and 100% electricity coverage was achieved by electrifying crores of houses.
"Our goal is to achieve Net Zero Emission by 2070," he added.
Twitter Post
Video: PM's address at the energy week
A robust energy sector bodes well for national progress. Speaking at the India Energy Week in Goa.
— Narendra Modi (@narendramodi) February 6, 2024
https://t.co/aKSFZpS3D1
Global BioFuel Alliance
Modi on India's commitment to biofuel progress
The PM emphasized India's commitment to the circular economy and reuse practices ingrained in its ancient traditions, particularly in the energy sector.
He also talked about the Global BioFuel Alliance, initiated during the G20 Summit in India, which now boasts participation from 22 nations and 12 international organizations.
The prime minister noted India's progress in biofuel adoption, with ethanol blending increasing from 1.5% in 2014 to 12% in 2023, reducing carbon emissions by about 42 million metric tonnes.
Infrastructure boost
Budget allocation for energy sector
Talking about funds, PM Modi announced that a significant portion of the recently allocated Rs. 11 lakh crore budget will be dedicated to infrastructure development, with a substantial focus on bolstering the energy sector.
Separately, after the inauguration ceremony, he also distributed appointment orders to 1,930 new government recruits under Rozgar Mela and handed over letter to beneficiaries of various schemes.
Over 35,000 attendees
PM Modi to join global CEOs at energy week roundtable
The ongoing "energy week" will feature a roundtable discussion between global oil & gas CEOs, which will also be attended by PM Modi.
With over 17 energy ministers, 35,000 attendees, and 900 exhibitors participating, the event will focus on integrating startups into the energy value chain.
Country pavilions from Canada, Germany, the Netherlands, Russia, the UK, and the US will also be present.