“The Global Biofuels Alliance has brought together governments, institutions and industries from all over the world,” said PM Modi.
India Energy Week 2024 Inauguration: Prime Minister Narendra Modi on Tuesday inaugurated the India Energy Week 2024 in Goa. The India Energy Week 2024 is India’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain to catalyze India’s energy transition goals. The Prime Minister also held a roundtable with Global Oil and gas CEOs and experts.
Prime Minister Modi expressed delight that the event is taking place in the energetic state of Goa which is known for its hospitality and natural beauty and culture of the place leaves a profound impact on tourists from around the world.
Noting that India Energy Week 2024 is taking place at a significant period when India’s GDP rate crossed 7.5 percent in the first six months of the financial year, the Prime Minister said that the growth rate is higher than the global growth estimate making India the fastest growing economy in the world. He also mentioned the International Monetary Fund’s (IMF) 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,” said PM Modi.
The Prime Minister noted that India is the world’s third-largest energy, oil, and LPG consumer. Furthermore, he said India is the fourth largest LNG importer and refiner along with the fourth largest automobile market. He also underlined the rising demand for EVs in the country and talked about the estimates of doubling the nation’s energy demand by 2045.
Highlighting the efforts to ensure affordable fuel, the Prime Minister said that despite adverse global factors, India is among the few nations where petrol prices have come down and 100 per cent electricity coverage was achieved by electrifying crores of houses. “India is not just meeting its needs but is also determining the global direction,” said the Prime Minister.
He said that 11 lakh crore rupees that the recent Budget pledged for infrastructure, a big part of which will go to the energy sector. This amount will create assets in railways, roadways, waterways, airways, or housing which will need energy leading to India’s efforts to expand its energy capacity.
Throwing light on the circular economy and the concept of reuse being a part of India’s ancient traditions, the Prime Minister noted that the same applies to the energy sector.
Highlighting India’s progress in the biofuel sector, he informed about India’s rising adoption rate. He said that ethanol blending witnessed a significant rise from 1.5 percent in 2014 to 12 percent in 2023 leading to a reduction in carbon emissions by about 42 million metric tons. “Government has set a target of 20 percent ethanol blending in petrol by 2025”, he said.
Prime Minister Modi noted, “Today, India ranks fourth in the world in Renewable Energy Installed Capacity.” 40 percent of India’s installed capacity comes from non-fossil fuels. Highlighting the nation’s progress in solar energy, Prime Minister Modi stated, “In the past decade, India’s Solar Energy Installed Capacity has grown by more than 20 times.” He added, “The campaign to connect with Solar Energy is gaining momentum in India.”
Encouraging and fostering startups and integrating them into the energy value chain will be an important focus for India Energy Week 2024. It is expected to witness the participation of around 17 Energy ministers from different countries, 35,000+ attendees, and more than 900 exhibitors. It will have six dedicated country pavilions – Canada, Germany, Netherlands, Russia, the UK, and the USA. A special Make in India Pavilion is also being organized to showcase innovative solutions that Indian MSMEs are spearheading in the energy sector.