Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in India’s energy sector over the next five to six years, signaling a significant move to upscale the country’s energy infrastructure amid its rapid economic growth.
Speaking at the inauguration of India Energy Week 2024 in Goa, the prime minister said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world’s third-largest economy.
He invited global investors to join India’s growth trajectory, emphasizing the strategic importance of the energy sector in supporting the nation’s infrastructure development.
The planned investment aims to meet the increasing demand for energy driven by India’s development in sectors such as railways, roadways, waterways, airways, and housing. Modi’s announcement comes at a time when India’s GDP growth has surpassed global estimates, positioning the country as a fast-growing economy on the world stage.
During the event, which gathers experts and CEOs from the global oil & gas industry, Modi outlined India’s efforts to enhance its energy production and consumption capabilities. The focus is on diversifying energy sources, with a significant push towards renewable energy, including a major emphasis on solar power and the National Green Hydrogen Mission, aimed at establishing India as a leader in hydrogen production and export.
India Energy Week 2024 serves as a platform for India to showcase its commitment to energy transition and sustainability, inviting international collaboration and investment. The event highlights the country’s initiatives to integrate into the global energy market, fostering partnerships and knowledge exchange in pursuit of a sustainable energy future.
