Prime Minister Narendra Modi inaugurated the India Energy Week 2023 in Bengaluru on February 6, 2023. Along with him is the Chief Minister of Karnataka Basavaraj Bommai. , Photo Credit: PTI
Prime Minister Narendra Modi on Monday urged global investors to explore investment opportunities in the country’s energy sector, saying India is the most suitable place at present.
Shri Modi said in his inaugural address at the India Energy Week 2023 Budget (for 2023-34) Rs 10 lakh crore has been provided for capital expenditure, which will give a boost to green hydrogen, solar power and road sectors.
“I ask you to explore all the opportunities associated with India’s energy sector. India today is the most suitable destination for investment,” he said at the India Energy Week, which was attended by several ministers, corporate leaders and experts from different countries.
The Prime Minister also recalled several initiatives taken by the government to promote green energy and make India net zero by 2070.
He further said that due to the initiatives of the government, crores of people have come out of poverty and come into the middle class.
The Prime Minister said that India has become the second largest producer of mobile phones and the fourth largest crude refiner in the world.
The Prime Minister said that India is one of the strongest voices in the world in the energy transition.
“India has the fourth largest crude refining capacity in the world, and we are working on increasing the refining capacity from 250 MMTPA to 450 MMPTA. The gas pipeline network will expand from 22,000 km at present to 35,000 km in the next four-five years. The prohibited area for oil and gas exploration has been reduced by 10 lakh square kilometres,” said Mr Modi.
The PM said that the National Green Hydrogen Mission will give a new direction to the country in the 21st century.
The Union Cabinet on January 4 approved the National Green Hydrogen Mission, which aims to make India a global hub for the production of green hydrogen. The National Hydrogen Mission was launched on August 15, 2021, with an aim to cut carbon emissions and increase the use of renewable sources of energy. The mission seeks to promote the development of green hydrogen generation capacity of at least 5 MMT (million metric tonnes) per year with an associated renewable energy capacity addition of about 125 GW in the country by 2030.
He said that the solar cooktop launched today will give a new dimension to cooking in India.
(With inputs from PTI)