Prime Minister Narendra Modi inaugurated the India Energy Week (IEW) 2024 in Goa today, and in his opening speech, outlined the national economic trajectory, aligned with the international goal of sustainable growth.
Driving home the impact that IEW 2024 would make, PM Modi said, “The India Energy Week event is not just India’s event but a reflection of ‘India with the world and India for the world’ sentiment.”
This was, in a way, a reference to the “Vasudhaiva Kutumbakam (The world is one family)” vision that Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, and also Housing and Urban Affairs, had alluded to before the start of IEW 2024.
Expanding scope of the energy sector in India’s growth story
In his address on the inaugural day of the event, which runs from February 6 to 9, Modi noted that India Energy Week 2024 was taking place at a significant time period, when India’s GDP growth rate crossed 7.5 per cent in the first six months of the financial year, higher than the global growth estimate.
“Economic experts around the world believe that India will soon become the third largest economy in the world,” said the prime minister, and emphasised upon the expanding scope of the energy sector in India’s growth story.
In his speech, Modi touched upon some of the salient features of the Indian energy sector and its huge potential:
- India is the world’s third largest energy, oil and LPG consumer.
- It is the fourth largest LNG importer and refiner.
- The country is the world’s fourth largest automobile market.
- There is a rising demand for electric vehicles in the country.
- The nation’s energy demand is expected to double by 2045.
- Out of the INR 11 billion (USD 132 million) pledged for infrastructure in the recent Budget, a substantial part will go to the energy sector.
- Production of domestic gas is rising due to the government’s reforms and investment of about USD 67 billion is planned in the next 5-6 years.
Also in his speech, the prime minister spoke of the efforts to make fuel affordable. He said that despite adverse global factors, India was among the few nations where petrol prices had come down and 100 per cent electricity coverage was achieved by electrifying tens of millions of houses.
“India is not just meeting its needs but is also determining the global direction”, added PM Modi.
Transition to sustainable and renewable fuel
Since the transition to sustainable and renewable fuel is the need of the hour all over the world, there is a strong focus on this aspect at IEW 2024.
Modi drew upon India’s ancient traditions, where the sustainable circular economy was represented in the concept of reuse. He noted that the same was applicable to the energy sector.
He said that this belief was symbolised by the Global BioFuel Alliance, which brought together governments, organisations, and industries from across the world on a single platform.
Initiated during the G20 Summit held in India last year, the Alliance has received widespread support — the prime minister said that 22 nations and 12 international organisations had come on board to encourage the use of biofuels in the world, while also creating economic opportunities worth USD 500 billion.
Ethanol blending is one of the key features of India’s move towards sustainable energy. “The government has set a target of 20 per cent ethanol blending in petrol by 2025,” he told the audience.
Recalling the initiation of 20 per cent ethanol blending in more than 80 retail outlets during India Energy Week last year, Modi informed that the number of outlets had now increased to 9,000.
Developing rural India through Waste-to-Wealth Management model
Outlining the government’s commitment to transforming rural economies through the Waste-to-Wealth Management model, the prime minister announced, “We are working towards the installation of 5,000 Compressed Biogas Plants in India.”
Addressing global environmental concerns, PM Modi remarked, “Despite being home to 17 per cent of the world’s population, India’s carbon emission share is only 4 per cent.”
He added, “We are committed to further improving our energy mix by focusing on the development of environmentally sensitive energy sources.” The prime minister reiterated India’s goal to achieve Net Zero Emissions by 2070.
His speech also covered the launch of a major mission aimed at installing Solar Rooftop Panels in 10 million homes across India, and the progress made in the green hydrogen sector through the National Green Hydrogen Mission.
Walkthrough at IEW 2024 and roundtable with CEOs and experts
On the inaugural day of IEW 2024, the prime minister also held a roundtable with global oil and gas CEOs and other experts.
He went for a walkthrough at the event venue, accompanied by minister Puri and several officials. Modi was briefed on various energy solutions being displayed at different parts of the venue.
Great praise for Goa, the host state of IEW 2024
Modi had begun his speech today with a welcome note for everyone present and with praise for “the energetic state of Goa”. Goa, he said, was known for its spirit of hospitality, natural beauty, and culture.
“Goa is touching new heights of development,” said the prime minister, underlining that it was the perfect destination for a discussion on a sustainable future and sensitivity towards the environment.