PM Modi's I-Day speech: India working on self reliance in energy sector

PM Modi said the country is working towards energy self-reliance through 'samudra manthan' as it scouts for oil and gas reserves in mission mode

Prime Minister Narendra Modi on Friday said India has been working in a mission mode to achieve self-reliance across many areas within the energy sector, including launch of a new National Deepwater Mission for oil and gas exploration and production, scouting  for critical minerals in new areas, and opening up the nuclear energy sector for private players.

 

“The world has also become very alert on critical minerals and people have understood its importance in areas like defence and economic growth. So, we have launched a National Critical Minerals Mission under which we are exploring for minerals across many areas,” he said, while alluding to the ongoing rare earth magnets crunch.

 

He said the country was now dependent on many other nations for costly oil and gas imports and that money could have been used for fighting poverty and strengthening the farmers. 

 

“Apart from semiconductors, the energy sector is the second very good example of areas where India is taking big steps to achieve self-reliance,” Modi said in his Independence Day address to the nation from the Red Fort in Delhi.

 

 PM Modi also announced that India has already achieved its 2030 target of achieving 50 per cent energy capacity from clean resources, five years ahead of schedule.

 

“In the past 11 years, solar power capacity has grown 30 times. Significant investment is being done under the National Green Hydrogen Mission too,” he said.

 

The PM said India is taking crucial steps to boost nuclear energy too, including setting up ten new reactors, with the target of growing nuclear power generation capacity ten times by 2047. 

 

“We are taking many steps for reform in the crucial area of nuclear energy. Doors have been opened for the private sector for entry in the nuclear power sector,” he said.

 

Modi said the country is working in the direction of energy self-reliance via samudra manthan as it scouts for oil and gas reserves in mission mode.

 

The Prime Minister also called for the youth to make the best use of incentives provided under the National Biofuel Policy to set up clean energy projects. He also said the country will not allow misuse of the Indus Water Treaty (IWT) by Pakistan to deprive Indian farmers of water for irrigation.