Prime Minister Narendra Modi Invites the world to invest in India’s energy sector in his inaugural address at India Energy Week 2024

Feb 06,2024

Prime Minister Shri Narendra Modi inaugurated the second edition of India Energy Week 2024 in Goa today. PM Modi emphasised India’s commitment to unprecedented levels of investment in the energy sector while addressing the gathering of global energy leaders. The Prime Minister underlined that the massive government spending in the sector will create new avenues for investment in India.

The Prime Minister said that the government has committed to spend Rs 11 trillion on infrastructure in the Union budget.  “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,” PM Modi said on the opening day of one of the most anticipated global energy conclaves.

Speaking on India’s central role in global energy markets, Prime Minister Modi said that 

India, which is the third largest energy consumer, is also the third largest oil consumer, fourth largest LNG importer, refiner and automobile market in the world.

While stressing on the growing energy use and the effort for energy transition, PM Modi said that sales of two and four wheelers were breaking records in India. “India’s EV demand is also increasing. It’s expected that India’s energy demand will double by 2045,” PM Modi said.

Outlining the priority of the government to provide affordable energy to all, PM Modi said,  “Despite global factors, India is the only county where rates of petrol and diesel have reduced. Because of such efforts, India is today at the forefront of the energy sector.”

Moreover, spelling out the efforts of the government to scale up solar energy use, PM Modi said, “we have announced solar rooftop installation for 1 crore houses. The electricity produced by these homes will reach the grid directly. Solar value chain offers great investment opportunities.”

On India’s central role in the global energy landscape, PM Modi said that India was not only fulfilling its own energy demand but was also setting the growth trajectory for the world. The Prime Minister also emphasised that rapid reforms being undertaken by the government are making India a global destination for investment in the energy sector.

“Our reforms have ensured that the use of domestic gas is rapidly increasing. Today India offers opportunities for $67 billion investment as we move from 6% to 15% of natural gas share in our energy mix,” PM Modi said.

Speaking at the inauguration to welcome Prime Minister Narendra Modi, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri said that India is rapidly becoming the energy growth centre for the world.

Speaking about this year’s edition of the India Energy Week, Shri Puri said that the event is being held at a crucial juncture in the global energy sector, where it aims to effectively address the pressing global energy challenges of ensuring energy availability, affordability, and sustainability while prioritizing energy security.

While highlighting the growing interest from the global players in the Indian energy story, Union Minister Puri, said that as many as 900 national/international exhibitors will showcase their exhibits “a 30℅ growth as compared to last year,” at the second edition of IEW 2024.

Shri Puri said that over the next four days, IEW 2024 will feature more than 400 global speakers contributing to over 46 strategic sessions and 46 technical sessions. “Targeting innovation and research, more than 2000 technical papers across all energy streams would be presented”, he said.

The Union Minister Puri also said that under the leadership of Prime Minister Narendra Modi, India’s flagship schemes like PM Ujjwala Yojana and global biofuel alliance have attracted the world’s attention and adoption.

The Minister said, “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.” Last fiscal year, crude oil was India’s biggest import item, while petroleum products made up the largest share of exports, he noted.

The Minister expressed the optimism that with the convergence of brilliant minds, the IEW 2024 will lead to innovative solutions for the challenges the world faces in this Volatile, Uncertain, Complex, and Ambiguous environment. Together, we can navigate and overcome these challenges, creating a positive impact on a global scale, he said.

Earlier highlighting key opportunities around the second edition of India Energy Week 2024 for Goa, state Chief Minister Pramod Sawant said that the energy conclave is an opportunity for Goa to emerge as a global energy hub.

India Energy Week Background

In yet another step in this direction, India Energy Week 2024 is being held from 6 – 9 February in Goa and is India’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain, and will serve as a catalyst for India's energy transition goals. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.

Encouraging and fostering startups and integrating them into the energy value chain will be an important focus for India Energy Week 2024. It is expected to witness the participation of around 17 Energy ministers from different countries, 35,000+ attendees and more than 900 exhibitors. It will have six dedicated country pavilions - Canada, Germany, Netherlands, Russia, the UK and the USA. A special Make in India Pavilion is also being organized to showcase innovative solutions which Indian MSMEs are spearheading in the energy sector.