PM Inaugurates India Energy Week 2024 in Goa

Global leaders convene to discuss sustainable energy, highlighting India’s growth and commitments.

Prime Minister Narendra Modi inaugurated the second edition of India Energy Week 2024 in Goa today. Addressing a gathering of global energy leaders, PM Modi emphasised India’s commitment to unprecedented levels of investment in the energy sector. He highlighted that massive government spending in the sector will create new avenues for investment in India. The Prime Minister stated that the government has committed to spending ₹11 trillion on infrastructure in the Union budget. “India is going to spend ₹11 trillion on infrastructure. A large part of this will surely go to the energy sector. You can see how India is continuously increasing energy capacity,” PM Modi said on the opening day of one of the most anticipated global energy conclaves.

Speaking on India’s central role in global energy markets, Prime Minister Modi noted that India, as the third-largest energy consumer, is also the third-largest oil consumer, fourth-largest LNG importer, refiner, and automobile market in the world. Stressing the growing energy use and the effort for energy transition, PM Modi mentioned that sales of two and four-wheelers were breaking records in India. “India’s EV demand is also increasing. It’s expected that India’s energy demand will double by 2045,” PM Modi said.

Highlighting the government’s priority to provide affordable energy to all, PM Modi stated, “Despite global factors, India is the only country where rates of petrol and diesel have reduced. Because of such efforts, India is today at the forefront of the energy sector.” Additionally, PM Modi outlined the efforts of the government to scale up solar energy use. “We have announced solar rooftop installation for 1 crore houses. The electricity produced by these homes will reach the grid directly. Solar value chain offers great investment opportunities.”

Regarding India’s central role in the global energy landscape, PM Modi emphasized that India was not only fulfilling its own energy demand but also setting the growth trajectory for the world. He also highlighted that rapid reforms undertaken by the government are making India a global destination for investment in the energy sector. “Our reforms have ensured that the use of domestic gas is rapidly increasing. Today India offers opportunities for $67 billion investment as we move from 6 percent to 15 percent of natural gas share in our energy mix,” PM Modi said.

Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri, welcomed Prime Minister Narendra Modi at the inauguration. He stated that India is rapidly becoming the energy growth center for the world. Puri highlighted that this year’s edition of the India Energy Week aims to address pressing global energy challenges of ensuring energy availability, affordability, and sustainability while prioritizing energy security. He noted the growing interest from global players in the Indian energy story, with as many as 900 national/international exhibitors showcasing their exhibits—a 30 percent growth compared to last year.

Puri mentioned that over the next four days, IEW 2024 will feature more than 400 global speakers contributing to over 46 strategic sessions and 46 technical sessions. He emphasised targeting innovation and research, with more than 2000 technical papers across all energy streams being presented. Puri also lauded India’s flagship schemes like PM Ujjwala Yojana and the global biofuel alliance, which have attracted worldwide attention and adoption.

Puri expressed optimism that with the convergence of brilliant minds, IEW 2024 will lead to innovative solutions for the challenges the world faces. He stressed that together, we can navigate and overcome these challenges, creating a positive impact on a global scale.

Earlier, Goa’s Chief Minister Pramod Sawant highlighted key opportunities around the second edition of India Energy Week 2024 for Goa, stating that the energy conclave is an opportunity for Goa to emerge as a global energy hub.