Goa, February 6, 2024: Today, Prime Minister Shri Narendra Modi inaugurated India Energy Week 2024 in Goa, marking the country’s largest and most comprehensive energy exhibition and conference. The event aims to unite the entire energy value chain, propelling India towards its energy transition objectives. A roundtable with global oil & gas CEOs and experts was also hosted by the Prime Minister.
Addressing the audience, the Prime Minister welcomed participants to the second edition of India Energy Week, highlighting Goa’s vibrant spirit and natural beauty. He emphasized Goa’s development strides and its suitability for discussions on sustainability and environmental sensitivity. The Prime Minister expressed confidence that foreign guests attending India Energy Week 2024 would carry enduring memories of the state.
With India’s GDP rate exceeding 7.5 percent in the first six months of the financial year, the Prime Minister underscored India’s position as the fastest-growing global economy. He mentioned the International Monetary Fund’s projections and experts’ belief in India becoming the world’s third-largest economy soon. Stressing the expanding role of the energy sector in India’s growth story, the Prime Minister detailed India’s status as a major consumer and importer in various energy-related categories.
The Prime Minister highlighted the government’s efforts to ensure affordable fuel and sustainable energy development. Despite global challenges, India has witnessed a reduction in petrol prices, achieved 100 percent electricity coverage, and is steering the global energy direction. The recent Budget allocated Rs 11 lakh crore for infrastructure, significantly impacting the energy sector.
In the context of circular economy principles, the Prime Minister discussed India’s commitment to reuse and the Global BioFuel Alliance’s role. Initiated during the G20 Summit in India, the Alliance now boasts 22 nations and 12 international organizations, promoting biofuel use globally, with economic opportunities amounting to $500 billion.
Prime Minister Modi showcased India’s progress in the biofuel sector, emphasizing the rise in ethanol blending and the target of 20 percent blending in petrol by 2025. He announced the installation of 5000 Compressed Biogas Plants in India, furthering the Waste to Wealth Management model.
Addressing global environmental concerns, the Prime Minister highlighted India’s low Carbon Emission Share despite being home to 17 percent of the world’s population. He reiterated India’s commitment to improving the Energy Mix, aiming for Net Zero Emissions by 2070.
India’s strides in renewable energy, specifically solar energy, were emphasized by the Prime Minister. The launch of a mission to install Solar Rooftop Panels in one crore homes and the National Green Hydrogen Mission were discussed, positioning India as a center for hydrogen production and export.
The Prime Minister encouraged global cooperation in the energy sector, defining India Energy Week as a reflection of ‘India with the world and India for the world.’ He advocated collaborative learning, technology sharing, and sustainable energy development.
In conclusion, Prime Minister Modi expressed optimism about building a prosperous and environmentally sustainable future. The event witnessed the presence of Governor of Goa, Shri P S Sreedharan Pillai, Chief Minister of Goa, Shri Pramod Sawant, Union Minister for Petroleum and Natural Gas, Shri Hardeep Singh Puri, and Union Minister of State for Petroleum, Oil, and Natural Gas, Shri Rameswar Teli.
Background: India Energy Week 2024, held from February 6-9 in Goa, focuses on achieving Aatmanirbharta in energy requirements. The event aims to foster startups and integrate them into the energy value chain, with 17 Energy ministers, 35,000+ attendees, and 900+ exhibitors participating. Six dedicated country pavilions and a Make in India Pavilion highlight innovative solutions in the energy sector led by Indian MSMEs.
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