Bengaluru: Inaugurating the India Energy Week 2023 in Bengaluru – the first major event of the G20 under India’s presidency – Prime Minister Narendra Modi urged global investors to explore opportunities in the country’s energy sectors.
He said the Rs 10 lakh crore Budget announcement for capital expenditure would boost green hydrogen, solar power and road sectors.
The Prime Minister highlighted the country’s focus areas of blending 20% ethanol with petrol, producing batteries for EVs, the National Green Hydrogen Mission, expanding India’s gas pipeline network to 35,000 kilometres and increasing refining capacity from 250 to 450 MMTPA.
“India has the fourth largest crude-refining capacity in the world,” Modi said, adding, India had become one of the strongest voices in the world in energy transition.
“The IMF has released its growth projection for 2023. The projection states that India is going to be the fastest-growing major economy. Despite the impact of the pandemic and war, India remained a global bright spot in 2022,” he said.
Modi lauded India’s “internal resilience” for overcoming challenges despite all the “external circumstances”. He counted three factors behind this – stable and decisive governance, sustained reforms and socio-economic empowerment at the grassroots.
He added the energy sector plays a major role in deciding the future of the world in the 21st century. “India is one of the strongest voices today in developing new resources of energy and in energy transition,” he told the audience.
The Prime Minister said India – which was “walking with the resolve to become a developed nation” – has unprecedented possibilities for the sector. He also said that “crores of people had come out of poverty and entered the middle class”.
At the event, Modi unveiled a twin-cooktop model of solar cooking system, which has been developed by Indian Oil.
He later flagged off the “Green Mobility Rally” in the city.
Also read: National Green Hydrogen Mission to give new direction to India in 21st century, says PM Modi