PM Modi urges global investors to explore Indian energy sector

Bengaluru: Prime Minister Narendra Modi on Monday urged global investors to explore investment opportunities in the country's energy sector, saying India is the most opportune place at present.

Modi in his inaugural address at the India Energy Week 2023 said the Budget (for 2023-34) has provided Rs 10 lakh crore for capital expenditure, which will give a boost to green hydrogen, solar power and road sectors.

"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 India Energy Week, which is being attended by several ministers, corporate leaders and experts from different nations.

The Prime Minister also recalled several initiatives taken by the government to promote green energy and make India net zero by 2070.

The budget 2023-24 has provided Rs 35,000 crore to the petroleum and natural gas ministry for achieving the net-zero target.

India Energy Week 2023 is the first major event of G20 under India's presidency, Modi noted.

He further stated that crores of people have come out of poverty and entered the middle class due to government initiatives.

India has become the second-largest producer of mobile phones and the fourth-largest crude refiner in the world, the Prime Minister noted.

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

He also informed that India's gas pipeline network will expand to 35,000 km in the next four-five years from 22,000 km presently.

The government has reduced the no-go area for oil and gas exploration to 10 lakh square kilometres, which will unlock investment opportunities, Modi said.

On 20 per cent ethanol blending with petrol, he said India is moving towards achieving the target.

Solar cooktops launched today will give a new dimension to cooking in India, he said.