Goa, Feb 6: Inviting international investors to share in India’s success story, Prime Minister Narendra Modi stated on Tuesday that the country will witness investments totaling USD 67 billion in the energy industry during the next five to six years. Here, Modi opened the second edition of India Energy Week, stating that the nation’s economy is expanding at a rate of more than 7.5% and will soon overtake the United States as the third largest in the world. He said that the country is anticipated to raise its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030, inviting international firms to join in India’s energy sector expansion. “The energy sector in India will receive an investment of USD 67 billion over the next five to six years,” he declared. The prime minister went on to say that India is making previously unheard-of financial investments in the energy sector. He added that by 2045, the nation’s primary energy consumption would have doubled. According to Modi, India is the fourth-biggest importer of LNG and the third-largest user of LPG and crude oil. According to the prime minister, India’s energy management plan has resulted in lower costs for petrol and diesel over the past two years, despite global challenges. He stated that every analyst believes that India is the biggest economy with the highest rate of growth and will soon overtake the United States as the third largest in the world. He stated that India’s GDP growth is currently more than 7.5%, which is higher than what international organisations had predicted. According to him, government reforms are contributing to an increase in domestic natural gas output, and India aims to increase the proportion of gas in its energy mix to 15% by 2030. He mentioned that in the last ten years, the percentage of ethanol blended into fuel has risen from 1.5 to 12 percent. By 2025, he said, petrol will have 20 percent ethanol blended in. The prime minister stated that although India only contributes 4% of world emissions, the country aims to achieve net zero emissions by 2070. Additionally, excess electricity produced by the recently announced programme to install solar rooftops on one crore homes will be connected to the grid.
