On February 6, 2024, Prime Minister Narendra Modi emphasized advancements in India’s energy sector during the second edition of India Energy Week (IEW) in Goa. Modi’s address indicated India’s commitment to enhancing the energy mix by developing affordable, sustainable, and environmentally friendly energy sources. The IEW aims to catalyze India’s energy transition, crucial for the nation as it gears up to be the third-largest economy. He highlighted that India is forecasted to have its energy demand doubled by 2045, and in response, measures to reduce fuel costs, achieve complete electrification, and chart the course for the global energy sector are underway.
Infrastructure development was also addressed by Modi, with ₹11 lakh crore allocated in the interim budget, allocating a significant portion to the energy sector necessary for railways, roadways, waterways, airways, and housing. The Prime Minister mentioned a planned investment of $67 billion in the natural gas sector to increase its prevalence in the energy mix from six to 15% within five to six years. He cited the Global BioFuel Alliance formed during the G20 Summit in India, with 22 nations and 12 international organizations promoting biofuels and opening up an economic window of $500 billion.
Committed to reducing greenhouse emissions, India advanced its ethanol blends in petrol from 1.5% in 2014 to 12% in 2023, cutting carbon emissions significantly with ambitions to reach 20% ethanol blending by 2025. More than 9,000 retail outlets now offer this blend, increasing from just 80 outlets the previous year. Initiatives for installing 5,000 compressed biogas plants were mentioned to underscore India’s environmental commitment. Reflecting on international rankings, Modi said India is fourth in Renewable Energy Installed Capacity, with 40% from non-fossil fuels and a notable increase in Solar Energy Installed Capacity.
He encouraged international investors to participate in the solar energy value chain and highlighted the National Green Hydrogen Mission for setting India on the path of becoming a leader in hydrogen production and export. He presented India Energy Week as an event signifying India’s global collaboration in energy pursuits.
Emphasizing the concept of ‘real secularism’, Modi praised the total coverage of central government schemes in Goa, asserting that uniform provision of benefits eliminates disparities and corruption, truly embodying secularism and social justice. This ideology aligns with his vision of inclusive growth promoted by Viksit Bharat Sankalp Yatra. During his visit, the Prime Minister inaugurated the NIT campus at Cuncolim, the National Institute of Water Sports at Dona Paula, and the Waste Management Facility at Curchorem, among other projects beneficial to Goa’s development.