IEW 2024: India investing more than ever in energy sector, says PM Modi

Modi said energy sector would be allocated a large part of the Rs 11 lakh crore announced in the Interim Budget 2024 for infrastructure.

Prime Minister Narendra Modi on February 6 said India is heavily investing in the energy sector, emphasising that the sector would get highest infrastructural push.

Inaugurating the India Energy Week (IEW) 2024, Modi said energy sector would be allocated a large part of the Rs 11 lakh crore announced in the Interim Budget 2024 for infrastructure.

The energy sector has been facing the challenges of availability, affordability and sustainability, said Union Minister of Petroleum and Natural Gas Hardeep Singh Puri at IEW 2024. Puri said currently, the world is facing multiple crises, energy availability is one among them.

The oil minister said IEW has become a prominent energy event in a year. “In just a year, the energy India energy week has become a prominent take on the global energy calendar,” said Puri.

Puri noted that other global initiatives by India, such as the International Solar Alliance and the Global Biofuels Alliance, have also been a success for the country.

The minister also praised the leadership of Prime Minister Narendra Modi for ensuring low petrol and diesel prices in India. “We were able under your leadership to ensure that prices of petrol and diesel in India were, in fact, amongst the lowest in the world,” said Puri.

Speaking at the inauguration, Goa Chief Minister Pramod Sawant said IEW 2024 presents a unique opportunity for Goa to showcase its potential in the energy sector.

“My commitment is to create a pool of skilled workforce to the various efforts towards the skilling, rescaling and upskilling to cater to the various emerging sectors in the state,” said Sawant.

The minister applauded the government’s efforts for removing obstacles of investment and incentivizing the oil and gas sector.

Sawant also said India is actively transitioning towards renewable energy sources, aiming for 100 percent electric vehicles (EVs) adoption by 2027. “We are leading the way in electric vehicle adoption aiming for 100% EV penetration by 2027. Our initiatives in energy efficiency is a demonstration of our commitment to sustainable future,” he said.

IEW 2024 is being organised in Goa from February 6 to 8, where several energy ministers and leaders from major oil and gas companies are participating.

Global oil market

While addressing reporters, Puri said that even though a major oil producer like Saudi Arabia is producing less crude oil than its capacity, the market already has enough oil to meet demand.

The minister added that India’s apetite for energy helped in stabilising the global market amid geopolitical disruptions.

"If you allow energy prices to go very high, demand for the commodity crashes. High prices also accelerate energy transition," he said.