Prime Minister Narendra Modi inaugurates India’s Energy Week 2023, in Bengaluru February 6, 2023. Karnataka’s Chief Minister Basavaraj Bommai is also seen. | Photo credit: PTI
On Monday, Prime Minister Narendra Modi urged global investors to explore investment opportunities in the country’s energy sector, saying India is the most opportune location right now.
Mr. Modi, in his inaugural speech at India Energy Week 2023, said that the budget (for 2023-2034) provided ₹10 crore lakh for capital expenditure which would give a boost to energy sectors. hydrogen, solar energy and roads.
“I ask you to explore all opportunities related to the energy sector in India. India is the most opportune place to invest today,” he said at the India Energy Week which was attended by several ministers, business leaders and experts from different nations.
The Prime Minister also recalled several initiatives taken by the government to promote green energy and make India net zero by 2070.
He further stated that millions of people have moved out of poverty and into the middle class through government initiatives.
India has become the second largest producer of mobile phones and the fourth largest refiner of crude oil in the world, the Prime Minister noted.
The Prime Minister said India is one of the strongest voices in the world when it comes to energy transition.
“India has the fourth largest crude refining capacity in the world, and we are working to increase refining capacity from 250 MMTPA to 450 MMPTA. The gas pipeline network will extend to 35,000 km in the next four to five years, compared to 22,000 km at present. The no-go zone for oil and gas exploration has been reduced by 10 lakh square kilometers,” Modi said.
The National Green Hydrogen Mission will give the country a new direction in the 21st century, the Prime Minister has said.
On January 4, the Union cabinet endorsed the National Green Hydrogen Mission, which aims to make India the global hub for green hydrogen production. The National Hydrogen Mission was launched on August 15, 2021, with a view to reducing carbon emissions and increasing the use of renewable energy sources. The mission aims to promote the development of green hydrogen production capacity of at least 5 MMT (million metric tons) per year with an associated renewable energy capacity addition of approximately 125 GW in the country of 2030.
The solar cooker launched today will bring a new dimension to cooking in India, he added.
(With PTI entries)