India's Energy Sector Holds $500 Billion Investment Potential, PM Modi Highlights

Prime Minister Narendra Modi inaugurated India Energy Week 2026 via video conference today, addressing delegates from nearly 125 countries gathered in Goa to discuss energy security and sustainability.

Speaking at the event, Modi emphasized that India has emerged as a land of immense opportunities for the energy sector, driven by its status as the world's fastest-growing economy. The Prime Minister noted that rising domestic demand, combined with India's position among the top five global exporters of petroleum products to over 150 countries, creates substantial opportunities for international partnerships.

Before discussing energy sector developments, Modi highlighted the recent India-EU Free Trade Agreement, describing it as a significant milestone. The agreement, signed just a day before the event, represents nearly 25 percent of global GDP and approximately one-third of global trade. Modi stated that the deal will benefit India's 1.4 billion citizens and millions across European nations while strengthening democratic values and rule of law.

The Prime Minister outlined several areas of investment opportunity within India's energy sector. He referenced the Samudra Manthan Mission for deep-sea exploration and announced plans to raise oil and gas sector investments to $100 billion by the decade's end. The government has already awarded over 170 exploration blocks, with the Andaman and Nicobar basin identified as a promising hydrocarbon region.

Modi highlighted India's refining capacity, currently ranking second globally at approximately 260 million metric tons per annum. He projected that India would soon achieve the world's highest refining capacity, with efforts underway to exceed 300 million metric tons annually.

Addressing liquefied natural gas developments, the Prime Minister noted India's target to meet 15 percent of total energy demand through LNG. He mentioned a recently launched shipbuilding program worth 70,000 crore rupees to support domestic construction of LNG transportation vessels. Investment opportunities exist in LNG terminals, regasification projects, and pipeline networks, with city gas distribution systems expanding across the country.

The Prime Minister stated that India is transitioning from focusing on energy security to pursuing energy independence. He described reforms aimed at strengthening domestic hydrocarbon production while creating a transparent, investor-friendly environment for international collaboration.

Modi concluded by emphasizing that India's energy sector holds $500 billion in investment opportunities, urging the global community to "Make in India, Innovate in India, Scale with India, Invest in India."

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Goa Chief Minister Pramod Sawant attended the event along with other dignitaries.