Prime Minister Narendra Modi Invites the world to invest in India’s energy sector

Goa:  Prime Minister Shri Narendra Modi inaugurated the second edition of India Energy Week 2024 in Goa today, emphasizing India’s commitment to significant investment in the energy sector. Addressing global energy leaders, the Prime Minister highlighted the government’s substantial spending in the sector, which is expected to create new avenues for investment in India.

During his address, PM Modi revealed that the government has committed to spending Rs 11 trillion on infrastructure in the Union budget, a considerable portion of which will be allocated to the energy sector. He pointed out that India is continuously increasing its energy capacity, and the investment will further contribute to this growth.

Highlighting India’s pivotal role in global energy markets, PM Modi noted that India is the third-largest energy consumer, third-largest oil consumer, fourth-largest LNG importer, refiner, and automobile market in the world. He stressed the growing energy demand in India, citing record-breaking sales of two and four-wheelers. The Prime Minister also mentioned the increasing demand for electric vehicles (EVs), predicting that India’s energy demand will double by 2045.

Addressing the government’s commitment to providing affordable energy to all, PM Modi highlighted the reduction in petrol and diesel rates in India despite global factors. He underscored the efforts to scale up solar energy use, mentioning the announcement of solar rooftop installations for one crore houses, offering significant investment opportunities along the solar value chain.

PM Modi positioned India as not only fulfilling its own energy demand but also setting the growth trajectory for the world. He emphasized the rapid reforms undertaken by the government, making India an attractive global destination for investment in the energy sector.

Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri, welcomed PM Modi at the event, highlighting India’s role as the energy growth center for the world. He announced the participation of 900 national/international exhibitors, a 30% growth compared to last year, at the second edition of IEW 2024.

Puri shared that over the next four days, IEW 2024 would feature more than 400 global speakers contributing to over 46 strategic sessions and 46 technical sessions. The event will focus on innovation, research, and the presentation of over 2000 technical papers across all energy streams.

The Prime Minister also held a roundtable with global oil & gas CEOs and experts. The India Energy Week 2024 aims to serve as a catalyst for India’s energy transition goals, with a focus on startups and their integration into the energy value chain. The event is expected to witness the participation of 17 energy ministers from different countries, 35,000+ attendees, and more than 900 exhibitors, including dedicated country pavilions and a special Make in India Pavilion showcasing innovative solutions by Indian MSMEs in the energy sector.