PANAJI: A big share of the 11 lakh crore planned investment on infrastructure in next year’s budget will be spent on the energy sector to meet the country’s surging demand, Prime Minister Narendra Modi said on Tuesday, inviting global investors to participate in India’s growth.

Panaji: Prime Minister Narendra Modi addresses the inauguration of the India Energy Week 2024 on Tuesday. (PTI)

“Our primary energy demand is expected to double by 2045 and we are making preparations for that,” PM Modi said in his speech at India Energy Week in Goa, underlining that his government was also trying to ensure “affordable energy for our citizens” and make the energy mix more favourable to the environment.

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PM Modi said India will see an investment of USD 67 billion or about 5.5 lakh crore in the energy sector in the next 5 to 6 years and invited global players to participate in India’s energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonnes per annum) to 450 MMTPA by 2030.

PM Modi said that of the 11 lakh crore earmarked for infrastructure in last week’s Union Budget, a big part will go to the energy sector. This amount will create assets in railways, roadways, waterways, airways or housing, which will need energy, prompting India’s efforts towards expanding its energy capacity, he said.

“Rising production of domestic gas due to the government’s reforms and the country is making efforts to take the percentage of gas in the primary energy mix from 6 to 15 per cent. This will see an investment of about 67 billion dollars in the next 5-6 years”.

India has committed to raising the share of clean power in its electricity mix from the existing 40% to 50% by the end of the decade and a net zero economy by 2070.

PM Modi said that the pace of India’s growth was higher than the global estimate, making India the fastest-growing economy in the world. “Economic experts around the world believe that India will soon become the third largest economy in the world,” Modi said, adding that India was the world’s third-biggest energy consumer, third-biggest oil consumer, third biggest LPG consumer, the fourth biggest LNG consumer, fourth biggest refiner and the fourth biggest automobile market.

Union petroleum and natural gas minister Hardeep Singh Puri in his speech earlier praised the country’s pragmatic approach that helped unify a deeply divided world “to ensure the flow of energy is not disrupted.”

“Seeing the turbulence in the last two years, India through its market processes and otherwise has sought to play the role of unifier in the global energy market. We need to come together and join hands in defining an energy agenda which is inclusive, market-driven and climate-sensitive,” Puri said.

India Energy Week 2024 is being held from February 6-9.

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