Betul (Goa): Prime Minister Narendra Modi announced on Tuesday that India is poised to attract a staggering $67 billion investment in its natural gas supply chain within the next 5-6 years, marking a pivotal moment in the country’s quest to meet the demands of its rapidly expanding economy.
Addressing the second edition of the India Energy Week, Modi highlighted the government’s commitment to bolster domestic natural gas production as part of a broader initiative to elevate the fuel’s share in the energy mix to 15 per cent by 2030, up from the current 6.3 per cent.
Natural gas is seen as a transition fuel in India’s march towards net zero carbon emission by 2070. Gas, which is used to generate electricity, make fertiliser or turn into CNG for running automobiles as well as for cooking, is considered less polluting fuel than other fossil fuels such as coal.
Modi said India’s world-beating economic growth rate is fuelling a surge in energy needs.
“India is the world’s third largest energy, oil and LPG consumer. It is the fourth largest LNG importer and refiner as well as the fourth largest automobile market,” he said, adding the nation’s energy demand is estimated to double by 2045.
Noting that India Energy Week 2024 is taking place at a time when India’s GDP growth rate crossed 7.5 per cent in the first six months of the financial year, Modi said that the pace of growth is higher than the global growth estimate making India the fastest growing economy in the world.
He also mentioned about the International Monetary Fund’s prediction of similar growth trends in the future.
“Economic experts around the world believe that India will soon become the third largest economy in the world,” Modi said.
He called on global investors to seize the opportunity to invest in the world’s fastest growing energy market.
“Together, we can build a future that is prosperous and environmentally sustainable,” he said.
The prime minister also held a roundtable with global oil and gas CEOs and experts, but details were not immediately available.
India Energy Week 2024 is being held from February 6 to 9 in Goa, and is India’s largest and all-encompassing energy exhibition and conference, bringing together the entire energy value chain. with agency inputs