PM’s Address at Inauguration of India Energy Week 2024, Goa: Ladies and gentlemen, I would like to extend a warm welcome to the distinguished individuals present here today. It is an honor to have the Governor of Goa, Shri PS Sreedharan Pillai, and the dynamic Chief Minister of Goa, Shri Pramod Sawant, along with esteemed Cabinet colleagues Hardeep Singh Puri and Rameswar Teli, at this second edition of India Energy Week.
I am delighted that this significant event is taking place in the vibrant state of Goa, known for its captivating energy. Goa is renowned for its hospitality, attracting tourists from every corner of the world with its mesmerizing beauty and rich cultural heritage. Moreover, Goa is currently experiencing impressive developments, positioning it as an ideal location for our discussion on environmental consciousness and the pursuit of a Sustainable Future.
I am confident that our esteemed international guests attending this summit will create cherished memories of Goa that will last a lifetime. Thank you all for joining us today.
The India Energy Week event is taking place at a crucial moment. In just the first half of this fiscal year, Bharat’s GDP rate has experienced a remarkable surge of over 7.5%, surpassing global growth estimates. Currently, Bharat proudly holds the title of the world’s fastest-growing economy.
Moreover, the IMF has recently predicted that we will sustain this impressive pace of growth. Experts across the globe now anticipate Bharat’s rise to become the third-largest economy worldwide. As the energy sector plays a pivotal role in Bharat’s growth narrative, its significance is naturally increasing.
India is currently positioned as the third-largest consumer of energy, oil, and LPG in the world. It also holds the fourth spot as the largest importer of LNG, refiner, and automobile market on a global scale.
At present, Bharat (India) is experiencing remarkable sales growth in both the two-wheeler and four-wheeler sectors, with an increasing demand for electric vehicles (EVs). Projections indicate that Bharat’s primary energy demand is expected to double by 2045, resulting in a surge from the current consumption of 19 million barrels of oil per day to 38 million barrels per day by 2045.
In order to meet future requirements, Bharat is actively making preparations. Despite the increasing energy demands, Bharat is committed to ensuring affordable energy access throughout the country. It is worth mentioning that despite various global factors, the price of petrol and diesel in Bharat has decreased in the last two years.
Additionally, Bharat has successfully achieved 100% electricity coverage, providing electricity to millions of homes. Through these efforts, Bharat has established itself as a significant player in the global energy sector, not only fulfilling its own needs but also influencing global development.
Bharat is currently engaged in the establishment of modern 21st-century infrastructure as part of its Infrastructure Building Mission. Our focus on infrastructure development is evident in our financial commitment, with an investment of approximately Rs 10 lakh crore planned for this fiscal year. Additionally, the recent Indian budget has allocated over Rs 11 lakh crore specifically for this purpose.
Recognizing the critical role of energy in all infrastructural advancements such as railways, roadways, waterways, airways, and housing, Bharat acknowledges the necessity of expanding our energy capacity to meet the growing demands. Consequently, a significant portion of our investment will be directed towards bolstering the energy sector.
Thanks to the successful reforms implemented by our government, domestic gas production in Bharat is experiencing rapid growth. We are unwavering in our dedication to increase the share of Natural Gas in our Primary Energy Mix from the existing six percent to fifteen percent. Achieving this ambitious goal necessitates an estimated investment of around sixty-seven billion dollars over the next 5-6 years.
Bharat has successfully solidified its position as one of the largest contributors to the development of a sustainable and efficient energy sector. With our unwavering commitment, we aim to continue leading the way in creating a robust and technologically advanced infrastructure for our nation.
The fundamental idea of adopting a circular economy is deeply embedded in the ancient traditions of Bharat, reflecting our commitment to reusing and recycling. Such a principle holds true for the energy sector as well. An exemplary embodiment of this ethos is the Global Biofuels Alliance, which was introduced at the G-20 Summit last year. This Alliance successfully unites governments, institutions, and industries across the globe, attracting considerable support since its inception.
Surprisingly, within a remarkably short period, a total of 22 countries and 12 international organizations have joined forces, fostering the global advancement of Biofuels and generating substantial economic opportunities valued at approximately $500 billion.
Bharat has demonstrated notable progress in this field as well. The utilization of biofuels has experienced a remarkable upswing in India in recent years. Just a decade ago, the proportion of ethanol blended with petrol was merely 1.5 percent. However, by 2023, this figure had risen to over 12 percent, resulting in a remarkable reduction of approximately 42 million metric tonnes of carbon emissions.
Our objective is to further enhance this blending ratio to reach 20 percent ethanol in petrol by 2025. Some of you may recall from the previous India Energy Week that Bharat commenced 20 percent Ethanol Blending at more than 80 retail outlets. At present, we are actively replicating this successful initiative at a nationwide scale, covering 9000 outlets.
The government is actively working towards revitalizing the rural economy by implementing Waste to Wealth Management. As part of this endeavor, extensive initiatives are being undertaken to set up 5000 Compressed Biogas Plants in Bharat, symbolizing a significant step towards our objective.
Watch PM Modi addressing the India Energy Week 2024: https://www.youtube.com/watch?v=kOibq0H0re8
Bharat, despite being home to 17 percent of the global population, contributes only 4 percent to the world’s carbon emissions. However, our commitment to environmental sustainability remains unwavering as we prioritize the development of renewable energy sources. By doing so, we aim to achieve Net Zero Emission by 2070.
Currently, Bharat stands as the fourth-ranked country in renewable energy capacity, with 40 percent of our electricity coming from non-fossil fuel sources. Over the past decade, our solar energy capacity has grown exponentially, increasing by more than 20 times.
The adoption of solar energy in Bharat is transforming into a nationwide movement. A recent notable initiative involves the installation of Solar Rooftops in 1 crore (ten million) households, empowering them to be self-reliant in energy resources. Moreover, we are actively working on establishing a mechanism to allow surplus electricity generated by these households to be seamlessly fed back into the grid.
This concerted effort aligns with our dedication to harnessing the potential of solar energy and furthering the transition towards a sustainable future. The impact of this scheme in a country like Bharat is bound to be substantial, presenting a significant investment opportunity for you across the Solar Value Chain.
Bharat is also making rapid strides in the realm of green hydrogen. With the implementation of the National Green Hydrogen Mission, Bharat is poised to become a hub for hydrogen production and export. I am confident that Bharat’s green energy sector can deliver assured success to both investors and industries alike.
India Energy Week 2024: Shaping the Future of Sustainable Energy
Welcome to the India Energy Week event, brought to you by Bharat, which embodies the spirit of ‘India with the world and India for the world’. This esteemed platform serves as a vital space for the Energy Sector community to convene and exchange valuable insights.
Let us join hands in progressing collectively by sharing our experiences, fostering technological advancements, and paving the way towards sustainable energy.
Together, we can embark on a journey of mutual learning, collaboration on cutting-edge technologies, and exploration of avenues for sustainable energy development. By combining our strengths, we can shape a future that harmonizes prosperity and environmental sustainability.
With great confidence, I believe that this platform will serve as a testament to our collective efforts. On behalf of the organizers, I would like to extend my best wishes to all participants. Let us make this event a resounding success!
