Speaking at India Energy Week (IEW), South Goa, Modi highlighted the nation's ambition to elevate the share of natural gas in its primary energy blend to 15 percent, a significant leap from the current 6 percent.
Prime Minister Narendra Modi has made a personal push for the biofuels’ development in the country and announced that India is poised to inject $67 billion into its gas sector over the next 5-6 years, marking an unprecedented commitment to energy infrastructure development.
Speaking at the inauguration of the second edition of the India Energy Week (IEW) in Betul, South Goa, Modi highlighted the nation’s ambition to elevate the share of natural gas in its primary energy blend to 15 percent, a significant leap from the current 6 percent. Emphasizing India’s appeal to global investors in the energy domain,
“India is investing an unprecedented amount of funds into India. Therefore, those involved in the global energy sector today want to invest in India in energry,” Modi said.
In the context of the Interim Budget presented on February 1, which proposed a capital expenditure of Rs 11 trillion, a substantial portion of this allocation is earmarked for energy sector investments, aligning with India’s emergence as the world’s fastest-growing economy. Modi projected India’s trajectory toward becoming the third-largest global economy, alongside its aspirations to emerge as a pivotal producer and exporter of hydrogen.
Prime Minister Modi added, “India is already one of the largest refiners in the world. Today, our refining capacity is more than 255 million metric tonnes per annum (MMTPA). By 2030, we want to expand that to 450 MMTPA.”
India’s escalating oil consumption, anticipated to soar from 19 million barrels annually to 38 million barrels by 2045, underscores the imperative for strategic energy investments and transitions.
Modi also highlighted the support received by the Global BioFuel Alliance and informed about 22 nations and 12 international organizations coming onboard to encourage the use of biofuels in the world, while also creating economic opportunities worth $500 billion.
PM Modi also celebrated India’s progress in ethanol blending, noting a significant rise from 1.5 percent a decade ago to over 12 percent in 2023. This shift has resulted in averting 42 million metric tonnes of carbon emissions.
Additionally, the introduction of E20 fuel (20 percent ethanol blending in gasoline) during IEW 2023, now available at 9000 outlets nationwide, is projected to yield substantial government savings of approximately Rs 50,000 crore as crude oil imports diminish.