Goa: Prime Minister Narendra Modi on Tuesday outlined his government's vision for reducing dependence on fossil-based fuels and highlighted the achievements the country made under his administration in the energy domain.
"It is a matter of great pleasure for us that this event of India Energy Week is taking place in Goa which is always full of energy. Goa is known for its hospitality. Tourists coming here from all over the world are impressed by the beauty and culture of this place. Goa is a state which is touching new paradigms of development, so today when we have come together to talk about sensitivity towards the environment and sustainable future, then Goa is a perfect destination for this. All the foreign guests coming to this Summit will take lifetime memories of Goa with them," PM Modi said.
PM Modi also asserted that India's solar installed capacity has risen by over 20 times over the decade. Blending of ethanol has risen from a mere 1.5 per cent to above 12 per cent.
India has already rolled out 20 per cent blended fuel, though, in a phased manner, in April 2023 and widespread availability is expected in days to come. By 2025, a full 20 per cent rollout is expected."
"India is focusing on building infrastructure at an unprecedented pace," PM Modi said adding "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. Electricity has been provided to crores of homes and due to such efforts, today India is progressing so much in the energy sector on the world stage. 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 Rs 10 lakh crore on infrastructure."
Talking about India's energy demand, PM Modi asserted that it will double to about 38 million barrels by 2045.
"Experts across the world believe that India will soon become the third largest economy in the world. Energy sector is important in this growth story of India. India is already the third-largest energy consumer in the world. India is the third largest oil consumer and the third largest LPG consumer. We are the world's fourth largest importer of LNG, fourth largest refiner and fourth largest automobile market. Today, new records are being made in the sales of two-wheelers and four-wheelers in India," he added.
On the diversification of energy sources, the percentage of natural gas in the overall energy mix is being raised from 6 to 15 per cent. In the next 5 to 6 years, PM Modi said about USD 67 billion investment will be made.