NEW DELHI, Feb 11: Prime Minister Narendra Modi on Tuesday invited global investments in India’s energy sector, saying the country offers immense possibilities in its pursuit of ambitious renewable energy transition goals in the next five years.
Referring to the target of having 500 GW of renewable energy, 5 million tonnes of green hydrogen per annum output by 2030 as well as the launch of fresh bidding rounds for oil and gas assets, the prime minister said “there are possibilities of new investments and I hope that you explore all possibilities in India”.
“There are many possibilities of investment in these sector,” Modi said addressing the India Energy Week 2025 (IEW’25) virtually.
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“You are not just a part of India energy week, you are an important part of India’s energy ambitions,” Modi told investors.
He further said, “All experts are saying that 21st century is India’s century. Bharat is not only driving it’s own growth but driving global growth.”
India’s energy ambitions, he said, are based on five pillars.
“We have resources which we are harnessing. We are encouraging our brilliant minds to innovate. Thirdly, we have economic strength and politically stability,” he said.
Also, he said, India has strategic geography which makes energy trade easier and more attractive.
Besides, India is committed towards global sustainability and this is aiding new possibilities in the country’s energy sector, the prime minister said.
For Viksit Bharat, the next two decades are very crucial, he said, adding that in the next five years we will cross many milestones.
“Our energy goals are aligned with the deadline of 2030,” he said.
By 2030, we want to add 500 GW of RE capacity, Indian Railways will be net zero by 2030 and we aim to achieve 5 MT annual output of green hydrogen, he said and stressed “whatever India has achieved in last ten years shows that these targets will be achieved”.
In last 10 years, India has become 5th largest economy from 10th largest.
In last 10 years, solar generation capacity increased 32 times, he noted. Today India is the third largest solar power generating nation and its non-fossil fuel capacity increased three times, he said.
India is the first country among G20 nations to meet its carbon emission reduction target set by the Paris global climate conference, he said.
About ethanol blending with petrol, he said today India is blending 19 per cent ethanol and exuded confidence that India will achieve the target of 20 per cent ethanol blending ahead of the October 2025 deadline.
He boasted India’s feedstock of 500 million tonnes and said the Global Biofuels Alliance formed during the G20 Summit in New Delhi has 28 member countries and 12 international organisations.
Addressing the gathering at the International Energy Week, the prime minister said that India is bringing out reforms to exploit the full potential of exploration and production of hydrocarbons in the country.
India is the fourth largest refining hub and it will expand its capacity by 20 per cent, Modi said and pointed towards new hydrocarbon discoveries in the country which are yet to be explored, and the government has brought out open licensing acreage policy (OLAP).
He also stated that the government has supported the energy sector by setting up exclusive economic zones and single-window clearance system.
After amendments in the Oilfields Regulation & Development Act, stakeholders will get policy stability, extended leases and improved financial terms.
He also noted that the natural gas supply is increasing due the ramp up in pipeline infrastructure and discoveries.
“There are a lot of upcoming possibilities of investments in these sectors,” he said.
India’s major focus is on ‘Make in India’ and local supply chains, Modi said while highlighting the country’s potential of manufacturing various types of hardware, including PV modules.
The prime minister noted that India is supporting local manufacturing, with the solar PV module manufacturing capacity expanding from 2 gigawatts to approximately 70 gigawatts in the past ten years.
About the opportunities for innovation and manufacturing in the battery and storage capacity sector, the prime minister said that India is rapidly advancing towards electric mobility and emphasised the need for swift action to meet the demands of such a large country in this sector.
Modi said that the current year’s budget includes numerous announcements supporting green energy.
He remarked that the National Critical Minerals Mission will play a crucial role in building a robust supply chain in India. He also highlighted the promotion of the non-lithium battery ecosystem.
The current year’s budget has opened the nuclear energy sector, and every investment in energy is creating new jobs for the youth and generating opportunities for green jobs, he said, adding that ordinary families and farmers have been made energy providers.
The PM Suryaghar Free Electricity Scheme was launched last year, and its scope is not limited to energy production, he pointed out and said the scheme is creating new skills in the solar sector, developing a new service ecosystem, and increasing investment opportunities.
Modi reiterated India’s commitment to providing energy solutions that energize growth and enrich nature and expressed confidence that this Energy Week would yield concrete outcomes in this direction. (PTI)
