India to invest around USD 67 billion in energy sector in 5-6 years, says PM Modi

In the next 5-6 years, India will invest approximately USD 67 billion in the energy sector, said Prime Minister Narendra Modi, at the inaugural ceremony of the India Energy Week. 

"In the primary energy mix, we are increasing the input of natural gas by 6% to 15%. For this, in the next 5-6 years, there will be an investment of USD 67 billion in the next 5-6 years," Modi added. 

First only we are among the world's biggest refiners. Our refining capacity today is more than 245 mmtpa. by 2030, our refining capactiy by 450 mmtpa. 

"India is making a lot of investment in the energy sector to that level that it has never seen before," he added. 

Today we see that almost all leaders in the oil, gas and energy sector want to invest in India.

Referring to the Global Biofuels Alliance at the G20 Summit, he stated that the alliance brought together all industries under one roof and it has got comprehensive support. 22 countries and 12 international organisations have been aligned with this cause. This will augment the cause of biofuels in the world, PM Modi added. This could lead to financial possibilities of around USD 500 billion in the near future. 

In the coming few years, the adoption of biofuels has increased at a rapid clip, the PM stated. Ethanol blending is more than 12% in 2023. This has resulted in a reduction of 42 million metric tonnes of carbon. 

By 2025, we are working towards 20% ethanol blending in petrol, he added. There is also a goal of establishing 5000 compressed biogas plants. 

Our carbon emission share is 4% and despite this, we are working towards a cleaner energy mix. Till 2070 we want to be a net zero emission company, he further stated.

40% share of our installed electricity capacity comes from renewable fossil fuels, the Prime Minister noted. Solar rooftops for 1 crore people have been introduced in the budget, enabling them to be self reliant for energy needs. "There are going to be a lot of investment possibilities for this space also," he said.