The Prime Minister, Shri Narendra Modi inaugurated India Energy Week 2024 in Goa today. India Energy Week 2024 is India’s largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain to catalyze India’s energy transition goals. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts.
Addressing the gathering, the Prime Minister welcomed everyone to the second edition of India Energy Week. Expressing delight that the event is taking place in the energetic state of Goa, the Prime Minister said that it is known for its spirit of hospitality and the natural beauty and culture of the place leaves a profound impact on tourists from around the world. “Goa is touching new heights of development”, the Prime Minister said, underlining that it is the perfect destination for a discussion on a sustainable future and sensitivity towards the environment. He expressed confidence that the foreign guests who have gathered in Goa for India Energy Week 2024 will take along a lifetime memory of the state.
Noting that India Energy Week 2024 is taking place at a significant time period when India’s GDP rate crossed 7.5 percent in the first six months of the financial year, the Prime Minister said that the growth rate is higher than the global growth estimate making India the fastest growing economy in the world. He also mentioned the International Monetary Fund’s prediction of similar growth trends in the future. “Economic experts around the world believe that India will soon become the 3rd largest economy in the world”, Shri Modi said and emphasized the expanding scope of the energy sector in India’s growth story.
The Prime Minister noted that India is the world’s third largest energy, oil and LPG consumer. Furthermore, he said India is the fourth largest LNG importer and refiner along with the fourth largest automobile market. He also underlined rising demand of EV in the country. He also talked about the estimates of doubling of the nation’s energy demand by 2045. The Prime Minister elaborated India’s plan to meet this growing demand. Highlighting the efforts to ensure affordable fuel, the Prime Minister said that despite adverse global factors, India is among the few nations where petrol prices have come down and 100 per cent electricity coverage was achieved by electrifying crores of houses. “India is not just meeting its needs but is also determining the global direction”, the Prime Minister added.