India's energy sector presents a major investment opportunity

Bengaluru: India’s energy demand is presently at 5% of the global requirement, which is forecasted to be 11% in future. The demand for natural gas is expected to go up by 500%. Hence Prime Minister Modi, while speaking at the India Energy Week 2023 (IEW), highlighted the investment opportunity in India’s energy sector. The Prime Minister expressed the ambition that renewable energy, biofuels and hydrogen should meet 100 per cent of the country’s energy demand. He also expressed confidence that this would make India the third-largest economy.

While addressing the IEW, Prime Minister Modi presented a roadmap for India’s vision on energy to leading Indian and global energy companies. The Prime Minister stated that India’s energy demand has been stable despite upheavals in the global energy market due to domestic growth, stable government, and many socio-economic programs. Considering India’s growth projection, the energy demand will continue to rise. Hence Prime Minister Modi pointed out that India will remain an attractive investment country for energy.

The Prime Minister cited data from the International Energy Association, which claims India to have the highest energy demand in this decade, to present investment opportunities. He asserted that policies for energy transformation would enable India to become the third-largest economy from its current fifth position.

Prime Minister Modi expressed that renewables, biofuel and hydrogen should meet the growing energy demand of India. He also informed that the use of ethanol and biofuel as a blend is also increasing along with renewables. He also pointed out significant steps towards using hydrogen as the cleanest fuel.

The Government of India is working on a mission mode to increase the consumption of Natural gas with a target to increase the share of natural gas as fuel from 6% to 15% of the energy basket by 2030. The necessary gas infrastructure is being implemented for this purpose. Prime Minister Modi also informed about plans to increase LNG terminals in the country.

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