English rendering of PM’s address at inauguration of India Energy Week 2024, Goa

Governor of Goa, Shri PS Sreedharan Pillai, the dynamic Chief Minister of Goa, Shri Pramod Sawant, my Cabinet colleagues Hardeep Singh Puri and Rameswar Teli, esteemed guests from various countries, ladies, and gentlemen!

In this second edition of India Energy Week, I extend warm greetings to all. It gives us immense pleasure that this event is taking place in Goa, a state renowned for its vibrant energy. Known for its hospitality, Goa captivates tourists from around the globe with its beauty and rich culture. Presently, Goa is also scaling new heights of development. Therefore, as we convene to discuss environmental consciousness and a Sustainable Future, Goa stands as an ideal venue. I am confident that our esteemed foreign guests attending this summit will carry cherished memories of Goa with them for a lifetime.

Friends,

This India Energy Week event is being convened at a pivotal juncture. In the initial six months of this fiscal year alone, Bharat’s GDP rate has surged by over 7.5%, a figure surpassing global growth estimates. Presently, Bharat stands as the world’s fastest-growing economy. Furthermore, the IMF has recently made a forecast of a similar pace of growth for us. Experts worldwide now anticipate Bharat’s ascent to the rank of the third-largest economy in the world. Given its pivotal role in Bharat’s growth narrative, the energy sector’s significance is naturally on the rise.

Friends,

India currently ranks as the world’s third-largest energy consumer, oil consumer, and LPG consumer. Additionally, it stands as the fourth-largest importer of LNG, refiner, and automobile market globally. Presently, Bharat is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles (EVs). Projections indicate that Bharat’s primary energy demand will double by 2045, implying a surge from the current 19 million barrels of oil per day to 38 million barrels by 2045.

Friends,

In anticipation of these future requirements, Bharat is proactively preparing itself. Amidst the escalating energy demands, Bharat is steadfastly ensuring affordable energy access across the nation. Notably, despite numerous global factors, petrol and diesel prices in Bharat have decreased over the past two years. Moreover, Bharat has achieved 100% electricity coverage and provided electricity to crores of homes. It is through such endeavours that Bharat has emerged as a significant player in the global energy sector, not only meeting its own needs but also shaping global development.

Friends,

Today, Bharat is constructing 21st-century modern infrastructure as part of its Infrastructure Building Mission. In this fiscal year, we are investing approximately Rs 10 lakh crore in infrastructure, with the recent Indian budget allocating over Rs 11 lakh crore for this purpose. A significant portion of this investment will undoubtedly be directed towards the energy sector. Given that all infrastructural developments in the country, including railways, roadways, waterways, airways, and housing, require energy, Bharat is actively expanding its energy capacity to meet these growing demands. Thanks to the reforms implemented by our government, domestic gas production in Bharat is experiencing rapid growth. We are dedicated to enhancing the share of Natural Gas in the Primary Energy Mix from six percent to fifteen percent. To achieve this, an investment of around sixty-seven billion dollars is slated for the next 5-6 years. Additionally, we have solidified our position as one of the largest refiners globally, with our current refining capacity surpassing 254 MMTPA. By 2030, we aim to elevate India’s refining capacity to 450 MMTPA. Furthermore, Bharat has emerged as a significant exporter in the Petrochemicals and other Finished Products sectors. I could provide numerous examples to illustrate this point, but the crux of the matter is that Bharat is presently investing in energy at an unprecedented level. Consequently, leaders from the Oil, Gas, and Energy sectors worldwide are keen to invest in Bharat. Several such leaders are present here with us today. We extend a warm welcome to each one of you.

Friends,

The concept of a circular economy has been deeply ingrained in Bharat’s ancient traditions, reflecting our ethos of reusing and recycling. This principle is equally applicable to the energy sector. The Global Biofuels Alliance, launched at the G-20 Summit last year, epitomizes this spirit. This Alliance has brought together governments, institutions, and industries worldwide and has garnered widespread support since it’s inception. In a remarkably short time, 22 countries and 12 international organizations have joined this Alliance, fostering the promotion of Biofuels globally and generating economic opportunities worth around $500 billion.

Friends,

Bharat has also made significant strides in this domain. The adoption of biofuels has surged in India over the past few years. A decade ago, the blending of ethanol in petrol stood at around 1.5 percent. By 2023, it surpassed 12 percent, resulting in a reduction of carbon emissions by approximately 42 million metric tonnes. We are working towards achieving a target of blending 20 percent ethanol in petrol by 2025. Some of you may recall that during the previous India Energy Week, Bharat commenced 20 percent Ethanol Blending at over 80 retail outlets. Presently, we are replicating this initiative at 9000 outlets nationwide.

Friends,

The government is also striving to revitalise the rural economy through Waste to Wealth Management. To achieve this goal, efforts are underway to establish 5000 Compressed Biogas Plants in Bharat.

Friends,

Despite comprising 17 percent of the world’s population, Bharat’s carbon emission share is only 4 percent. Nonetheless, we are prioritising the development of environmentally sustainable energy sources to further enhance our energy mix. Our aim is to achieve Net Zero Emission by 2070. Presently, Bharat ranks fourth globally in Renewable Energy Installed Capacity, with 40 percent of our Installed Electricity Capacity sourced from Non-Fossil Fuel Sources. Bharat’s solar energy installed capacity has increased more than 20 times over the last decade.

The drive to embrace solar energy is evolving into a nationwide movement in Bharat. Just recently, another significant initiative was launched in the country—a plan to install Solar Rooftops in 1 crore houses. This initiative will empower one crore families to become self-sufficient in energy. Arrangements are also being made to feed surplus electricity generated in their homes directly into the grid. The impact of this scheme in a country like Bharat is bound to be substantial, presenting a significant investment opportunity for you across the Solar Value Chain.

Friends,

Bharat is also making rapid strides in the realm of green hydrogen. With the implementation of the National Green Hydrogen Mission, Bharat is poised to become a hub for hydrogen production and export. I am confident that Bharat’s green energy sector can deliver assured success to both investors and industries alike.

Friends,

This India Energy Week event is not just an event organised by Bharat; it reflects the ethos of ‘India with the world and India for the world’. Therefore, this platform has evolved into a space for discussing and exchanging experiences within the Energy Sector. Come, let us progress collectively by drawing lessons from one another, exchanging technological advancements, and charting new paths towards sustainable energy. Let us learn from each other, let us collaborate on cutting-edge technologies, and let us explore avenues for sustainable energy development. Together we can forge a future that is both prosperous and environmentally sustainable. I am confident that this platform will stand as a testament to our collective endeavours. Once again, I extend my best wishes to all participants for this event.

Thank you very much.

 

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.

 

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DS/IG/AK