India Energy Week 2024: PM Modi propels $67 billion investment opportunity in natural gas
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Indian Prime Minister Narendra Modi, inaugurating the second edition of India Energy Week 2024 in Goa on February 6, said India offers opportunities for $67 billion investment as the country moves from 6% to 15% of natural gas share in the energy mix.
The PM highlighted the country’s commitment to investing in the energy sector, adding that the substantial government spending will open up new investment opportunities in India.
“India is going to spend Rs 11 trillion on infrastructure. A large part of this will surely go to the energy sector. You can see how India is continuously increasing energy capacity,” he said.
Also read: India’s 2024 Budget unveils strategies to fasten net zero emissions goal
Regarding the country’s central role in global energy markets, PM Modi said that India, the third largest energy consumer, is also the third largest oil consumer and fourth largest LNG importer, refiner, and automobile market in the world.
Moreover, spelling out the efforts of the government to scale up solar energy use, PM Modi said, “We have announced solar rooftop installation for one crore houses. The electricity produced by these homes will reach the grid directly. Solar value chain offers great investment opportunities.”
Speaking at the inauguration, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri said India is rapidly becoming the world’s energy growth center.
“In keeping with the vision of the PM to turn adversity into an opportunity, India, despite having no large oil reserves of its own, has managed to successfully develop a large oil industry by strategic planning and investments in the refining sector.”
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