Bengaluru: Branding India as the best destination for investments right now, Prime Minister Narendra Modi told investors on Monday that India’s share in global oil demand is expected to increase by 6 percent and gas demand is likely to go up by a whopping 500 percent. Inaugurating the India Energy Week 2023, Modi said, “Today, India’s share in the global oil demand is around 5 percent. This is expected to go up to 11 percent. India’s gas demand is expected to rise by around 500 percent. Our expanding energy sector is creating new opportunities for collaboration and investment.”
While asserting that India is one of the strongest voices on energy transition in the world, Modi told investors, “For a country which is moving forward with the intention of becoming developed, the energy sector presents unparalleled opportunities for growth… The IEA has said that India’s energy demand will be the largest in the world in this decade. And this is where India brings new opportunities for investors and energy sector stakeholders.”
India seeks investments in oil & gas
In the energy sector, India’s strategy has four main verticals — increasing domestic exploration and production, diversification of supplies, expansion of alternative energy sources like biofuels, ethanol, CBG and solar, and decarbonisation through electric vehicles and hydrogen. The PM told investors that India is proceeding fast on all these four pathways.
“India has the world’s fourth-largest refining capacity. The current refining capacity of 150 MMTPA is set to go up to 450 MMTPA. We are constantly upgrading and modernising our refining capacity indigenously,” said the PM while delineating the growth areas in India’s energy sector.
“India is also working on increasing its petrochemical production capacity. Leveraging India’s rich technology potential and growing start-up ecosystem, you can expand your energy landscape,” the PM told investors.
News & Image Source : psuwatch.com
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