Prime Minister Narendra Modi on Tuesday said India is among the few countries where 100 per cent electricity coverage has been achieved by electrifying crores of homes and thus setting the path for development. PM Modi inaugurated ‘India Energy Week 2024’ in South Goa. Goa Governor PS Sreedharan Pillai, Chief Minister Pramod Sawant, Union Petroleum and Natural Gas Minister Hardeep Singh Puri and Union Minister of State for Petroleum, Oil and Natural Gas Rameshwar Teli were present on the occasion.
During this, PM Modi said that despite adverse global factors, India is one of the few countries where petrol prices have come down. 100 percent electricity coverage has been achieved by electrifying crores of houses. India is not only fulfilling its needs but is also deciding the direction of development of the world. India Energy Week 2024 is India’s largest and only omnichannel energy exhibition and conference, bringing together the entire energy value chain to catalyze India’s energy transition goals. The PM further said that this is coming as India’s GDP growth rate has crossed 7.5 per cent in the first six months of the financial year, exceeding world growth estimates, making India the fastest growing economy in the world. .
The PM also referred to the International Monetary Fund’s (IMF) prediction of similar growth trends in the future. PM Modi said, “Economic experts around the world believe that India will soon become the third largest economy in the world.” PM Modi said that India is the third largest energy, oil and LPG consumer in the world. India is the fourth largest automobile market as well as the fourth largest LNG importer and refiner. The PM also underlined the growing demand for EVs in the country and talked about the country’s energy demand being projected to double by 2045.
The Prime Minister noted the increasing domestic gas production due to the government’s reforms and efforts by the country to take the percentage of gas in the primary energy mix from 6 to 15 percent. He said that in the next 5-6 years there will be an investment of about 67 billion dollars. PM Modi said the government’s commitment is to transform rural economies through a waste-to-wealth management model. We are working towards setting up 5,000 compressed biogas plants in India. On global environmental concerns, PM Modi said that despite being home to 17 per cent of the world’s population, India’s carbon emissions share is only 4 per cent. India aims to achieve net zero emissions by 2070.