Indian Economy News

Prime Minister Mr. Narendra Modi asks investors to explore investment opportunities in the energy sector

  • IBEF
  • February 7, 2023

Prime Minister Mr. Narendra Modi urged global investors to explore investment opportunities in the country's energy sector, saying India is the most opportune place at present. While addressing the inauguration ceremony of the India Energy Week 2023, he said that the Budget 2023-24 has provided US$ 120 billion (Rs. 10 trillion) for capital expenditure, which will give a boost to green hydrogen, solar power, and road sectors.

He recalled several initiatives taken by the government to promote green energy and make India net zero by 2070. The Budget 2023-24 has provided US$ 4.27 billion (Rs. 35,000 crores) to the petroleum and natural gas ministry for achieving the net-zero target.

Mr. Narendra Modi noted that India Energy Week 2023 is the first major event of G20 under India’s presidency. Furthermore, he stated that crores of people have come out of poverty and entered the middle class due to the initiatives taken by the government. He also highlighted that India has become the second-largest producer of mobile phones and the fourth-largest crude refiner in the world.

In addition, he 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 Prime Minister said, the government has reduced the no-go area for oil and gas exploration to 10 lakh square kilometres, which will unlock investment opportunities. He asserted that India is moving towards achieving the target of 20% ethanol blending with petrol.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.