PM cites India's phenomenal growth projection to invite investment in energy sector

Bengaluru: Prime Minister Narendra Modi on Monday showcased India’s phenomenal projected growth in energy demand, stable and decisive leadership, and sustained reforms to invite global investors in the country’s oil and gas exploration and new energy, including green hydrogen.

Modi in his inaugural address at India Energy Week 2023 said India is the most opportune place to invest in the energy sector at present. The country is projected to witness the fastest growth in energy demand in the world in the next decade, the Prime Minister noted.

“I ask you to explore all opportunities connected with India’s energy sector. India is the most opportune place for investment today,” he said at the event, being attended by several ministers, corporate leaders and experts from different nations.

On 20 per cent ethanol blending with petrol, he said India is moving towards achieving the target. Modi also showcased the government initiatives on promoting green hydrogen in the country. He said, “Another sector in which India is taking lead in the world is Green Hydrogen. The National Green Hydrogen Mission will give a new direction to India in the 21st century”.

The Prime Minister also mentioned the recently unveiled National Hydrogen Mission, saying that it will bring The Prime Minister underlined the major role of the energy sector in setting the direction of the future of the 21st-century world. “India is one of the strongest voices in the world for energy transition and for developing new resources of energy. Unprecedented possibilities are emerging in India that is moving with a resolution of a Viksit Bharat”, he said.

Referring to the recently released IMF projections of India being the fastest-growing major economy, Modi further added that India has continued to be the global bright spot in the world stricken with the pandemic and the era of war in 2022. He credited the internal resilience of India that enabled the nation to overcome any obstacle irrespective of external factors.

The Prime Minister cited multiple factors for that, first, stable, decisive government. Second, sustained reforms, third, socio-economic empowerment at the grassroots level. He elaborated on the massive social infrastructure including, financial inclusion through bank accounts, free health facilities, safe sanitation, electricity, housing, and piped water that has reached crores of people and changed the lives of a number of people who are more than the population of many major countries.

The Prime Minister noted the positive changes that have occurred in the quality of lives of crores of India where they have come out of poverty and reached the levels of the middle class. He informed that 6,00,000 kilometres of optical fibres have been laid in the country so that every village gets internet access.

Throwing light on the developments in the last 9 years, the Prime Minister informed that the number of broadband users in the country has gone up thirteen times and internet connections have gone up three times. He further added that the number of internet users in rural regions is growing at a faster pace when compared to urban areas.

The Prime Minister informed that India has become the 2nd largest manufacturer of mobile phones in the world which has led to the formation of the world’s largest aspirational class. “The people of India want better products, better services and better infrastructure”, the Prime Minister continued as he pointed out the significant role of energy in realising the aspirations of the Indian citizens.

Emphasising the need and demand for energy in India in the near future, the Prime Minister noted that the rapid pace of development in India will result in new cities being developed. Quoting International Energy Association, the Prime Minister remarked that India’s energy demands will be highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector. He informed that India’s share in the global oil demand is 5% which is expected to rise to 11%, whereas the gas demand of India is expected to rise up to 500%. He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India.

Four major verticals for the strategy for the energy sector.

The Prime Minister explained four major verticals for the strategy for the energy sector. First, increasing domestic exploration and production, diversifying the supply, and third, expanding fuels like biofuel, ethanol, compressed biogas and solar. Fourth, de-carbonisation via electric vehicles and hydrogen. Elaborating on these verticals the Prime Minister said India is the fourth largest country for its refining capacity. Efforts are on to increase the capacity to 450 MMTPA from the current capacity of 250 MMTPA, he said.

“We are continuously making our refining capacity indigenous, modern and upgraded”, he said. Similarly, India is working to enhance Petrochemical production capacity. He asked the leadership of the industry to utilise technology and the startup ecosystem of India to expand their energy landscape.

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