“We are working on infrastructure building mission.We are investing Rs 10 lakh crore on infrastructure in the current financial year. We have pledged to invest Rs 11 lakh crore in infrastructure in the (interim) Budget presented a week ago. Whatever investment go into building railways, roadways, waterways or housing – all of which will need energy,” the PM said inaugurating the second edition of the India Energy Week (IEW).
Modi said India is investing in infrastructure at levels never seen before with a view to meeting rising demand as the country’s economy grows. “That is why almost all global oil, gas and energy sector leaders want to invest in India,” he said, exhorting captains of global oil and gas industry present at IEA to seize the opportunity.
Pointing out that India is today the fastest growing economy, Modi said the country’s primary energy demand is seen doubling by 2045 on the back of high economic growth rate of 7.5% GDP. “Experts believe India is poised to become the third-largest economy. The energy sector will play an important role in this growth story,” he said.
At the same time, the PM said India is focused on affordability and sustainability. Despite adverse global factors, India is among the few nations where petrol prices have come down and 100% electricity coverage was achieved by electrifying crores of houses in the last two years,” he said, adding “India is not just meeting its needs but is also shaping the global direction”.
In spite of being a country with 17% of world population, India’s share in global carbon emission is just 4%. “We are committed to further improving our energy mix by focusing on the development of environmentally sensitive energy sources,” he said, pointing out initiatives in the renewable energy capacity building and biofuels. “Let us learn from each other, share cutting-edge technologies and explore avenues for sustainable energy development. Together we can forge a future that is both prosperous and environmentally sustainable.”