NEW DELHI: Prime Minister Narendra Modi said on Tuesday that a major part of the proposed 11 crore budget pledged for infrastructure will be spent on the country's energy sector.
The PM, while addressing the second edition of India Energy Week in Goa, also mentioned that India’s gas sector will see an investment of about 67 billion dollars in the next 5–6 years.
“This amount will create assets in railways, roadways, waterways, airways, or housing that will need energy, leading to India’s efforts to expand its energy capacity,” said the PM.
Modi also mentioned that India’s energy demand will double by 2045. He said that the country is expected to increase its refining capacity from 254 MMTPA (million metric tons per year) to 450 MMTPA by 2023.
While highlighting India’s progress in the biofuel sector, he said that ethanol blending witnessed a significant rise from 1.5% in 2014 to 12% in 2023, leading to a reduction in carbon emissions of about 42 million metric tons.
"The government has set a target of 20% ethanol blending in gasoline by 2025," he said.
Recalling the initiation of 20% ethanol blending in more than 80 retail outlets during India Energy Week last year, the number of outlets has now increased to 9,000.
On the BioFuel Alliance, which Modi said was initiated during the G20 Summit held in India, about 22 nations and 12 international organizations came on board to encourage the use of biofuels around the world.
Highlighting the country’s progress in solar energy, the PM said that in the past decade, India's solar energy installed capacity has grown by more than 20 times.
He noted that the launch of a major mission aimed at installing solar rooftop panels in one crore homes across India will not only make one crore families self-reliant in the energy sector but also establish mechanisms to deliver excess electricity generated directly to the grid.
On the green hydrogen sector, the PM said that it will pave the way for India to become a center of hydrogen production and export. He expressed confidence that India's green energy sector can make both investors and industries sure-shot winners.
India, Modi said, is the third-largest consumer of crude oil and LPG and the fourth-largest importer of LNG.
Petrol and diesel prices reduced in India in last two years, said the prime minister recounting the country's energy management strategy in face of global problems.
He said all experts think that India is the fastest growing major economy and will soon become the world's third-largest economy.
India's GDP growth is now more than 7.5 per cent, he said, adding that this is more than estimated by global bodies.
Government reforms are helping boost domestic natural gas production and India is targeting to raise the share of gas in its energy mix to 15 pc by 2030, he added.