NEW DELHI: Prime Minister Narendra Modi on Tuesday said that India is not only driving its own growth but also contributing to the world's growth, with the energy sector playing a major role.
Speaking at the third edition of India Energy Week in Delhi, he highlighted how every investment in the energy sector is creating new jobs for the youth and generating opportunities for green employment.
“India is driving not only its own growth but also the growth of the world, with the energy sector playing a significant role,” said the Prime Minister. He noted that many of India's energy goals are aligned with the 2030 deadline, including adding 500 gigawatts of renewable energy capacity, achieving net-zero carbon emissions for Indian Railways, and producing five million metric tons of green hydrogen annually. He further said that while these targets may seem ambitious, the achievements of the past decade have given confidence that they will be met.
The Prime Minister pointed out that India's solar energy generation capacity has increased thirty-two times in the last ten years, making it the third-largest solar power-producing nation in the world. He also mentioned that India’s non-fossil fuel energy capacity has tripled and that the country is the first G20 nation to achieve the goals of the Paris Agreement.
On ethanol blending, Modi highlighted India’s achievements, with the current rate at 19 per cent, leading to foreign exchange savings, substantial revenue for farmers, and a significant reduction in CO2 emissions. “India's goal of achieving a 20 per cent ethanol mandate by October 2025,” he said. He also noted that during India's G20 presidency, the Global Biofuels Alliance was established and is continuously expanding, now involving 28 nations and 12 international organizations.
Speaking about the gas sector, Modi said that India is currently the fourth-largest refining hub and is working to increase its refining capacity by 20 percent. He underlined that due to new discoveries and expanding pipeline infrastructure, the supply of natural gas is increasing. He emphasized that this will lead to a rise in natural gas usage in the near future, creating many investment opportunities in the sector.
The Prime Minister stressed India's focus on local manufacturing and supply chains. “India's major focus is on Make in India and local supply chains,” he said, highlighting the potential for manufacturing various types of hardware, including PV modules. He noted that India’s solar PV module manufacturing capacity has expanded from 2 gigawatts to nearly 70 gigawatts in the past ten years. He added that the Production Linked Incentive (PLI) scheme has made the sector more attractive by promoting the manufacturing of high-efficiency solar PV modules.
Modi also emphasized that the current year's budget has opened up the nuclear energy sector and that every energy investment is creating new jobs and green employment opportunities. “To strengthen India's energy sector, the government is empowering the public,” he said, highlighting that ordinary families and farmers are now energy providers. He also mentioned that the PM Suryagarh Free Electricity Scheme was launched last year, and its impact is not limited to energy production alone.