India to see investment of $67 bn in next 5-6 years in energy sector: PM

Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in the energy sector in next 5 to 6 years as he invited global investors to participate in India's growth story.

Inaugurating the second edition of the India Energy Week here, Modi said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world's third-largest economy.

He invited global players to participate in India's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030.

He said, "In next 5-6 years, the investment of USD 67 billion is going to be done in energy sector in India."

The prime minister further said that India is investing unprecedented money in the energy sector that has never happened before.

He also said that the country's primary energy demand will be doubled by 2045.

India, Modi said, is the third-largest consumer of crude oil and LPG and the fourth-largest importer of LNG.

Petrol and diesel prices reduced in India in last two years, said the prime minister recounting the country's energy management strategy in face of global problems.

He said all experts are of the opinion that India is the fastest growing major economy and will soon become the world's third-largest economy.

India's GDP growth is now more than 7.5 per cent, he said, adding that this is more than estimated by global bodies.

Government reforms are helping boost domestic natural gas production and India is targeting to raise the share of gas in its energy mix to 15 pc by 2030, he added.

About the blending of ethanol in petrol, he noted that it has increased from 1.5 pc to 12 pc in last 10 years.

Ethanol blending in petrol will reach 20 pc by 2025, he added.

India accounts for just 4 pc of global emissions and is targeting net zero by 2070, the prime minister said, adding that surplus electricity generated from just-announced scheme of installing solar rooftop on one crore homes will be connected to grid.