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.
Mr. Modi in his inaugural address at the India Energy Week 2023 said the Budget (for 2023-34) has provided ₹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.
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.
The Prime Minister said India is one of the strongest voices in the world in energy transition.
“India has the fourth-largest crude refining capacity in the world, and we are working on increasing refining capacity from 250 MMTPA to 450 MMPTA. The gas pipeline network will expand to 35,000 km in the next four-five years from 22,000 km presently. No-go area for oil and gas exploration has been reduced by 10 lakh square kilometers,” Mr. Modi said.
The National Green Hydrogen Mission will give a new direction to the country in the 21st century, the PM said.
The Union Cabinet on January 4 approved the National Green Hydrogen Mission, which is aimed at making India the global hub for the production of green hydrogen. The National Hydrogen Mission was launched on August 15, 2021, with a view to cutting down carbon emissions and increasing the use of renewable sources of energy. The mission seeks to promote the development of a green hydrogen production capacity of at least 5 MMT (Million Metric Tonnes) per annum with an associated renewable energy capacity addition of about 125 GW in the country by 2030.
Solar cooktop launched today will give a new dimension to cooking in India, he added.
(With inputs from PTI)