: PM calls upon stakeholders to invest in energy sector #FinanceIndia #StockMarketNEWS #Business Press Trust of India Bengaluru Prime Minister Narendra Modi on Monday showcased India’s phenomenal

@StockMarketNEWS Wed 08 Feb, 2023

Posted in: #FinanceIndia #StockMarketNEWS #Business

PM calls upon stakeholders to invest in energy sector #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

Bengaluru

Prime Minister Narendra Modi on Monday showcased India’s phenomenal projected growth in energy demand, stable and decisive leadership, and sustained reforms to invite global investors in the country’s oil and gas exploration and new energy, including green hydrogen.

Modi in his inaugural address at India Energy Week 2023 called upon stakeholders to explore every possibility related to India’s energy sector and get involved with it.

“Today India is the most suitable place in the world for your investment,” he said.

The country is projected to witness the fastest growth in energy demand in the world in the next decade, the Prime Minister noted.

Quoting International Energy Association, Modi remarked that India’s energy demands will be the highest in the present decade which presents an opportunity for the investors and stakeholders of the energy sector.

He informed that India’s share in the global oil demand is 5% which is expected to rise to 11%, whereas the gas demand of India is expected to rise up to 500%.

He underlined that new opportunities for investment and collaboration are being created by the expanding energy sector of India.

“I ask you to explore all opportunities connected with India’s energy sector. India is the most opportune place for investment today,” he said at the event, being attended by several ministers, corporate leaders and experts from different nations.

He stated that despite the global crisis, India remained a bright spot for the world in 2022 due to its internal resilience.

“Multiple factors were behind it like stable and decisive government, sustained reforms, and socio-economic empowerment at the grassroots,” he said.

He also noted that over 6 lakh km of optical fibre network has been laid to provide internet facilities to villages.

“The number of Broadband users in India has become 13 times more than it was 9 years ago, and the number of internet connections has tripled in the same period,” the Prime Minister said.

He said India is working on expanding its refining capacity from 250 MMTPA to 450 MMPTA.

The Prime Minister said that India’s gas pipeline network will expand to 35,000 km in the next four-five years from 22,000 km presently.

In 2014, the length of the gas pipeline in India was around 14,000 km; now it stands at over 22,000 km. Gas pipeline network in India to reach 35,000 km in the next 4-5 years.

Modi said that the government is working on a mission mode to increase the consumption of natural gas in India’s energy mix from 6 per cent to 15 per cent by 2030 where all the needed infrastructure will be provided by ‘One Nation One Grid’.