India Energy Week 2024 reflects “India with the world and India for the world” sentiment, says PM Modi

Prime Minister Narendra Modi inaugurated the India Energy Week (IEW) 2024 in Goa in the present day, and in his opening speech, outlined the nationwide financial trajectory, aligned with the worldwide purpose of sustainable development.

Driving residence the impression that IEW 2024 would make, PM Modi stated, “The India Energy Week occasion is not only India’s occasion however a mirrored image of ‘India with the world and India for the world’ sentiment.”

This was, in a method, a reference to the “Vasudhaiva Kutumbakam (The world is one household)” imaginative and prescient that Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, and additionally Housing and Urban Affairs, had alluded to earlier than the begin of IEW 2024.

Expanding scope of the vitality sector in India’s development story

In his tackle on the inaugural day of the occasion, which runs from February 6 to 9, Modi famous that India Energy Week 2024 was happening at a big time interval, when India’s GDP development fee crossed 7.5 per cent in the first six months of the monetary 12 months, larger than the international development estimate.

“Economic consultants round the world consider that India will quickly develop into the third largest economic system in the world,” stated the prime minister, and emphasised upon the increasing scope of the vitality sector in India’s development story.

In his speech, Modi touched upon a few of the salient options of the Indian vitality sector and its large potential:

• India is the world’s third largest vitality, oil and LPG shopper.
• It is the fourth largest LNG importer and refiner.
• The nation is the world’s fourth largest car market.
• There is a rising demand for electrical autos in the nation.
• The nation’s vitality demand is predicted to double by 2045.
• Out of the INR 11 billion (USD 132 million) pledged for infrastructure in the current Budget, a considerable half will go to the vitality sector.
• Production of home gasoline is rising on account of the authorities’s reforms and funding of about USD 67 billion is deliberate in the subsequent 5-6 years.

Also in his speech, the prime minister spoke of the efforts to make gas inexpensive. He stated that regardless of opposed international elements, India was amongst the few nations the place petrol costs had come down and 100 per cent electrical energy protection was achieved by electrifying tens of hundreds of thousands of homes.

“India is not only assembly its wants however can be figuring out the international course”, added PM Modi.

Transition to sustainable and renewable gas

Since the transition to sustainable and renewable gas is the want of the hour throughout the world, there’s a sturdy concentrate on this facet at IEW 2024.

Modi drew upon India’s historical traditions, the place the sustainable round economic system was represented in the idea of reuse. He famous that the similar was relevant to the vitality sector.

He stated that this perception was symbolised by the Global BioFuel Alliance, which introduced collectively governments, organisations, and industries from throughout the world on a single platform.

Initiated throughout the G20 Summit held in India final 12 months, the Alliance has acquired widespread help — the prime minister stated that 22 nations and 12 worldwide organisations had come on board to encourage the use of biofuels in the world, whereas additionally creating financial alternatives price USD 500 billion.

Ethanol mixing is one in all the key options of India’s transfer in the direction of sustainable vitality. “The authorities has set a goal of 20 per cent ethanol mixing in petrol by 2025,” he informed the viewers.

Recalling the initiation of 20 per cent ethanol mixing in additional than 80 shops throughout India Energy Week final 12 months, Modi knowledgeable that the variety of retailers had now elevated to 9,000.

Developing rural India by means of Waste-to-Wealth Management mannequin

Outlining the authorities’s dedication to remodeling rural economies by means of the Waste-to-Wealth Management mannequin, the prime minister introduced, “We are working in the direction of the set up of 5,000 Compressed Biogas Plants in India.”

Addressing international environmental issues, PM Modi remarked, “Despite being residence to 17 per cent of the world’s inhabitants, India’s carbon emission share is barely 4 per cent.”

He added, “We are dedicated to additional bettering our vitality combine by specializing in the growth of environmentally delicate vitality sources.” The prime minister reiterated India’s purpose to attain Net Zero Emissions by 2070.

His speech additionally coated the launch of a significant mission aimed toward putting in Solar Rooftop Panels in 10 million properties throughout India, and the progress made in the inexperienced hydrogen sector by means of the National Green Hydrogen Mission.

Walkthrough at IEW 2024 and roundtable with CEOs and consultants

On the inaugural day of IEW 2024, the prime minister additionally held a roundtable with international oil and gasoline CEOs and different consultants.

He went for a walkthrough at the occasion venue, accompanied by minister Puri and a number of officers. Modi was briefed on varied vitality options being displayed at totally different components of the venue.

Great reward for Goa, the host state of IEW 2024

Modi had begun his speech in the present day with a welcome word for everybody current and with reward for “the energetic state of Goa”. Goa, he stated, was identified for its spirit of hospitality, pure magnificence, and tradition.

“Goa is touching new heights of growth,” stated the prime minister, underlining that it was the excellent vacation spot for a dialogue on a sustainable future and sensitivity in the direction of the surroundings.