India to see USD 67 billion investments in gas sector in 5-6 years: PM
- Prime Minister , at India Energy Week 2024, projects significant investment influx into India's natural gas supply chain.
- The projection anticipates USD 67 billion within 5-6 years.
Reform-Driven Growth in Natural Gas Production
- Prime Minister highlights government reforms propelling domestic natural gas production
- Aiming to elevate its share in the energy mix to 15% by 2030 from the current 6.3%.
- India's trajectory towards net zero carbon emissions by 2070 is underscored,
- Positioning natural gas as a cleaner alternative to coal in electricity generation, fertiliser production, CNG for automobiles, and cooking.
India's Energy Landscape and Growth Prospects
- India's robust economic growth fuels escalating energy demands,
- Making it the world's third-largest consumer of energy, oil, and LPG, and the fourth-largest importer of LNG and automobile market.
- India's GDP growth rate surpasses 7.5%, outstripping global estimates
- Positioning India as the world's fastest-growing economy.
- IMF forecasts align with India's potential ascent as the third-largest global economy.
Investment Opportunities in India's Energy Market
- PM urges global investors to capitalize on India's
- Burgeoning energy market
- Fostering prosperity
- Environmental sustainability
- Government endeavors ensure sustainable and affordable fuel accessibility
- India's energy mix expansion encompasses conventional fuels alongside renewable sources like biofuels and hydrogen
- With record investments earmarked for energy sector expansion.
Embracing Circular Economy and Biofuels
- PM highlights India's embrace of circular economy principles,
- With ethanol blending initiatives
- Global alliances fostering biofuel adoption
- Unlocking economic opportunities worth USD 500 billion.
Environmental Commitment and Carbon Emission Reduction
- There are modest carbon emissions share in India despite its substantial population
- With a focus on developing environmentally sensitive energy sources.
Renewable Energy Leadership and Solar Expansion
- India ranks fourth globally in renewable energy capacity,
- With solar energy witnessing exponential growth
- Including a nationwide mission to install solar rooftop panels in one crore homes.
- India's strides in the green hydrogen sector,
- Envisioning India as a hub for hydrogen production and export
- Offering lucrative opportunities for investors and industries.
India Energy Week 2024: A Confluence of Energy Innovation
- The event was held from February 6 to 9 in Goa.
- It serves as India's premier energy exhibition and conference
- It unites stakeholders across the entire energy value chain.
Prelims Takeaway
- Green Hydrogen Mission
- Natural Gas Production in India