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Prime Minister Narendra Modi on Tuesday said that the Centre would allocate a large part of the budgeted capital expenditure for the fiscal year 2024–25 (FY25) to the energy sector as the country strives to meet rapidly growing demand and accomplish climate targets, reported Mint.
The Interim Budget, presented on February 1, projected a capex of Rs 11 trillion for next year, up from Rs 10 trillion in FY24.
India's energy demand is projected to double by 2045, putting the country at the forefront of shaping global energy trends, said PM Modi in his inaugural speech at India Energy Week 2024 in Goa.
He asked industry leaders to work together to steer the nation toward a successful and sustainable future, emphasising the importance of sharing expertise, fostering collaboration on innovative technologies, and pursuing sustainable energy solutions.
This is significant given the country's ambitious goal of 500 gigawatts (GW) of renewable capacity by 2030. With a target of achieving net-zero carbon emissions by 2070, India is positioning itself as a front-runner in combating climate change.
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PM Modi further highlighted his government's plan to increase the share of gas in India's energy mix to 15 per cent by 2030, up from 6 per cent, which would need an investment of around $67 billion over the next five to six years.
He also emphasised the country's rapid economic growth, with a GDP growth rate exceeding 7.5 per cent in the first half of the financial year, positioning India as the world's fastest-growing economy.
The prime minister reiterated that India was on the verge of becoming the world's third-largest economy, thanks in part to the expanding energy sector. India is the world's third-largest consumer of oil and LPG, the fourth-largest importer of LNG, and a major petroleum refiner.
The prime minister also underscored the country's rapid economic growth, with a GDP growth rate exceeding 7.5 per cent in the first half of the financial year, cementing India's status as the world's fastest-expanding economy.
He reiterated that India was on the cusp of becoming the world's third-largest economy, owing in part to the expanding energy sector. India is the world's third-largest consumer of oil and LPG, the fourth-largest importer of LNG, and a major petroleum refiner.
In terms of biofuels, the prime minister noted an increase in ethanol blending in petrol to 12 per cent by 2023, which has significantly reduced carbon emissions by approximately 42 million metric tons. With a goal of achieving 20 per cent blending by 2025, India is already assisting the move at about 9,000 retail fuel outlets, PM Modi said.
PM Modi also discussed India's commitment to 'waste to wealth' initiatives, including plans to establish 5,000 compressed biogas (CBG) facilities across the country. This endeavour is part of a broader strategy to enhance India's energy mix by developing environmentally sensitive energy sources.
The introduction of the Pradhan Mantri Suryoday Yojana, a rooftop solar program, was also hailed as a significant step toward establishing investment opportunities along the solar value chain, with the goal of reaching 10 million households.
Furthermore, given the worldwide interest in hydrogen energy, PM Modi envisioned India as a future leader in hydrogen production and exports following the roll-out of the National Green Hydrogen Mission last year.
He expressed optimism that India's green energy sector would provide profitable prospects for both investors and industries, reaffirming the country's commitment to sustainable energy development and climate change action.
