Prime Minister Narendra Modi He has called on global investors to come forward to take advantage of investment opportunities in the country’s oil and gas exploration and in new energy sectors such as hydrogen. Launching India Energy Week-2023 here on Monday, Modi discussed with global investors the growth prospects of the country’s energy sector. Inviting global investors to invest, he said there is a possibility of a big increase in energy demand in India. Apart from this, due to stable and decisive leadership, investors should also come forward to invest in the country’s energy sector. He described India as the most suitable place for investment in the energy sector in the world today. The demand for energy in the country will grow faster in the next decade. Global investors should not miss this opportunity.
Ongoing work on increasing crude oil refining capacity
The Prime Minister said, I ask you to take advantage of all the opportunities in the energy sector of India. India is the most suitable place for investment today. Various ministers, corporate leaders and experts from different countries are participating in the India Energy Week. He said that despite the global crisis, India has been the most attractive destination in the world in 2022 due to its internal fighting capacity. There are many factors behind this, such as a stable and determined government, continuous reforms and socio-economic empowerment at the grassroots level, he said. Modi said India is working to increase crude oil refining capacity from 250 million tons per year to 450 million tons per year. He informed that the country’s gas pipeline network will increase to 35,000 km from the current network of 22,000 km in the next four to five years.
Work continues on the goal of mixing 20% ethanol in gasoline
He said that six lakh kilometers of fiber optic network have been laid to provide internet facilities in the villages. Modi said the number of broadband users in the country increased 13 times compared to nine years ago. The number of Internet connections has tripled during this period. The Prime Minister said that the government has reduced the area where oil and gas cannot be explored to 10 lakh square feet. According to him, this will increase investment opportunities. He said India is moving quickly towards the goal of blending 20 percent ethanol in gasoline. Modi also outlined efforts to boost green hydrogen in the country.
The government’s continued emphasis on green and solar energy
Another area in which India is becoming a leader is green hydrogen, the Prime Minister said. The National Green Hydrogen Mission will give a new direction to the country in the 21st century. He said that an investment of Rs eight lakh crore can be mobilized from the newly launched National Hydrogen Mission. Today, India is the world’s most prominent voice in the energy transition and the development of new energy sources, he said. The International Monetary Fund (IMF) said that by 2023, India will be the fastest growing large economy in the world. He also mentioned about replacing 25 percent of the gray hydrogen used in the country with green hydrogen. Modi said that a capital expenditure provision of Rs 10 lakh crore has been made in the 2023-24 budget. This will give a boost to the green energy, solar energy and highway sectors. In his speech, Modi also mentioned the steps taken by the government to promote green energy and achieve the goal of net zero emissions by 2070.
India becomes the second largest mobile manufacturer
The Prime Minister said that India Energy Week is the first major event under India’s G20 presidency. He said that due to the measures taken by the government, today millions of people have come out of poverty and have entered the category of middle class. He said that today India has become the second largest manufacturer of mobile phones in the world. Furthermore, India is today the fourth largest crude oil refinery in the world. Modi said the solar cooker system launched today will give a new direction to ‘cooking’ in the country.
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