IEW 2024: According to PM Modi, India would invest more than ever in the energy sector.
According to Modi, the majority of the Rs 11 lakh crore set up for infrastructure in the Budget 2024 would go towards the energy sector.
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| IEW 2024: According to PM Modi, India would invest more than ever in the energy sector. |
A significant portion of the Rs 11 lakh crore earmarked in the Interim Budget 2024 for infrastructure, according to Modi, would go towards the energy industry.
On February 6, India's prime minister, Narendra Modi, stated that the country is aggressively investing in the energy sector and emphasised that it will receive the greatest infrastructure support.
Modi stated at the opening of India Energy Week (IEW) 2024 that the energy industry would receive a sizable portion of the Rs 11 lakh crore designated for infrastructure in the Interim Budget 2024.
Availability, affordability, and sustainability have been problems for the energy sector, according to Union Minister of Petroleum and Natural Gas Hardeep Singh Puri at IEW 2024.
According to Puri, one of the many crises the world is currently experiencing is the availability of energy.
In just a year, IEW has grown to be a significant energy event, according to the oil minister. "The energy India energy week has grown to be a significant event on the global energy calendar in just a year," Puri added.
Puri pointed out that India has also had success with other international endeavours, such as the Global Biofuels Alliance and the International Solar Alliance.
The minister also complimented Prime Minister Narendra Modi's efforts for keeping fuel and diesel costs in India low. Puri remarked, "Under your direction, we were able to guarantee that petrol and diesel prices in India were, in fact, among the lowest in the world."
Goa Chief Minister Pramod Sawant stated during the launch that IEW 2024 offers a special chance for Goa to demonstrate its potential in the energy industry.
In order to support the state's numerous expanding industries, Sawant stated, "My commitment is to create a pool of skilled workforce to the various efforts towards the skilling, rescaling, and upskilling."
Sawant added that India is actively moving towards renewable energy sources, with the goal of having all EVs on the road by 2027. "We are setting the standard for the adoption of electric vehicles, with a goal of 100% EV penetration by 2027. Our energy-efficiency projects show our dedication to a sustainable future," he stated.
From February 6 to 8, Goa is hosting IEW 2024, which is attended by a number of energy ministers as well as executives from significant oil and gas firms.
worldwide oil market
Speaking to reporters, Puri asserted that the market already has enough oil to meet demand, despite the fact that a significant oil producer like Saudi Arabia is producing less crude oil than it can.
The minister continued by saying that despite geopolitical upheavals, India's appetite for energy contributed to the stabilisation of the world market.
"The demand for the commodity collapses if extremely high energy prices are allowed to rise. The energy shift is also accelerated by high pricing," he stated
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