Prime Minister Narendra Modi announced on Tuesday that India is poised to receive a substantial investment of USD 67 billion in the energy sector over the next 5 to 6 years, urging global investors to seize opportunities in India's burgeoning economy.
Inaugurating the second India Energy Week, Modi highlighted the nation's rapid economic expansion, exceeding 7.5% and on track to become the world's third-largest economy. He extended a warm welcome to international players, emphasizing the anticipated refining capacity increase from 254 MMTPA to 450 MMTPA by 2030.
He said, In next 5-6 years, the investment of USD 67 billion is going to be done in energy sector in India. The prime minister further said that India is investing unprecedented money in the energy sector that has never happened before. He further emphasized the doubling of India's primary energy demand by 2045, highlighting the country's position as the third-largest consumer of crude oil and LPG, and the fourth-largest importer of LNG.
Modi also addressed the recent reduction in petrol and diesel prices, showcasing India's adept energy management strategies amidst global challenges. He reiterated the expert consensus labeling India as the fastest-growing major economy, destined to become the world's third-largest.