Large part of US$ 132.5 billion (Rs. 11 trillion) capex for FY25 to flow into the energy sector: Prime Minister, Mr. Narendra Modi
- IBEF
- February 7, 2024
Prime Minister, Mr. Narendra Modi announced on Tuesday that a substantial portion of the budgeted capital expenditure for the fiscal year 2024–25 (FY25) will be allocated to the energy sector, aligning with India's efforts to meet rising demand and achieve climate targets, as reported by Mint. The recently presented Interim Budget for FY25 outlined a projected capital expenditure of US$ 132.5 billion (Rs. 11 trillion), a notable increase from US$ 120.4 billion (Rs. 10 trillion) in FY24. Addressing the India Energy Week 2024 in Goa, Prime Minister, Mr. Narendra Modi highlighted India's role in shaping global energy trends, emphasizing the need for industry leaders to collaborate on innovative technologies and sustainable energy solutions.
Prime Minister, Mr. Narendra Modi underscored India's ambitious goal of reaching 500 gigawatts (GW) of renewable capacity by 2030, in line with the nation's commitment to achieving net-zero carbon emissions by 2070. To facilitate this, he announced a plan to increase the share of gas in India's energy mix to 15% by 2030, requiring an investment of approximately US$ 67 billion over the next five to six years. Prime Minister, Mr. Narendra Modi also noted India's rapid economic growth, boasting a GDP growth rate exceeding 7.5% in the first half of the financial year, positioning the country as the world's fastest-expanding economy. Additionally, he reiterated India's impending status as the world's third-largest economy, attributing this growth in part to the expanding energy sector, where India ranks as the third-largest consumer of oil and LPG, the fourth-largest importer of LNG and a significant petroleum refiner.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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