India Energy Week 2024: ‘India to witness investment of USD 67 billion in energy sector over next 6 years,’ says PM Modi

India Energy Week 2024: During the inauguration of the second edition of Prime Minister said that India is set to witness an investment of USD 67 billion in the energy sector over the next 5 to 6 years.

He emphasized India's robust economic growth, surpassing 7.5 per cent, and projected India to become the world's third-largest economy shortly. He said, “In the next 5-6 years, the investment of USD 67 billion is going to be done in the energy sector in India."

Modi extended an invitation to global investors, urging them to actively participate in India's energy sector expansion. He highlighted plans to significantly enhance India's refining capacity, aiming to increase it from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.

Prime Minister Modi emphasized India's significant progress in renewable energy and . He highlighted that India's solar installed capacity has increased by more than 20 times over the past decade. Additionally, he mentioned the remarkable rise in ethanol blending, which has surged from a mere 1.5 per cent to over 12 per cent.

“Amidst the increasing energy demand, India is also ensuring affordable energy in every corner of the country. India is a country where despite many global factors, the prices of petrol and diesel have come down in the last two years. Apart from this, India has achieved 100% electricity coverage," PM Modi added.

“India is building a modern infrastructure of the 21st century, we are working on the infrastructure-building mission, in this financial year we are investing about ₹10 lakh crore on infrastructure," the Prime Minister said.

Talking about India's energy demand, PM Modi said that it will double to about 38 million barrels by 2045.