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Energy sector has key role as India drives global growth, says PM Modi as he invites global investments into the sector

Modi listed India’s growth trajectory and potential in various energy segments and other related areas, including oil and gas, solar and other renewables, among others.

The Prime Minister could not attend India’s flagship energy event as he is in Paris for the AI Action Summit.The Prime Minister could not attend India’s flagship energy event as he is in Paris for the AI Action Summit. (PTI)

India is not just driving its own growth but also that of the world, and the country’s energy sector has a significant role in that, Prime Minister Narendra Modi said Tuesday, as he invited global investors to explore investment opportunities in various segments of India’s energy landscape.

“Every expert in the world is saying today that the 21st century is India’s century. India is driving not only its own growth but also the world’s growth. And our energy sector has a very big role in this,” Modi said in a televised message at the inauguration of the India Energy Week in the capital. The Prime Minister could not attend India’s flagship energy event as he is in Paris for the AI Action Summit.

Modi listed India’s growth trajectory and potential in various energy segments and other related areas, including oil and gas, solar and other renewables, batteries and storage, electric mobility ecosystem, and nuclear energy, among others. The Prime Minister also underscored the opportunities in manufacturing, innovation, and infrastructure related to these segments.

“There are many investment opportunities for you in all these areas,” the Prime Minister said.

According to Modi, India’s energy ambitions are built on five pillars—harnessing resources, encouraging innovation, the country’s economic strength and political stability, India’s strategic geography that makes energy trade attractive and easier, and commitment to global sustainability. He noted that these factors are creating new opportunities in India’s energy sector.

“The next two decades are very important for a developed India. And in the next five years, we are going to cross many big milestones. Many of our energy goals are aligned with the 2030 deadline. We want to add 500 gigawatts of renewable energy capacity by 2030. Indian Railways has set a target of net zero carbon emission by 2030. Our goal is to produce 5 million metric tonnes of Green Hydrogen every year by 2030. These targets may seem quite ambitious, but what India has achieved in the last 10 years has given us the confidence that we will definitely achieve these targets,” the Prime Minister said.

Over the past 10 years, India has become the fifth-largest economy from the tenth-largest, increased its solar energy generation capacity 32 times to become the third-largest solar power generating nation, trebled its non-fossil fuel energy capacity, and is the first country among the G20 nations to meet the Paris Agreement goals, Modi noted.

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“India is committed to providing such energy solutions that energise our growth and also enrich our nature. I am confident that this (India) Energy Week will also lead to some concrete paths in this direction. I hope that all of you will explore every possibility emerging in India,” Modi said.

Modi also listed various Budget announcements to support the country’s energy sector, particularly green energy, electric mobility, and battery and storage segments.

“There is a lot of opportunity for both innovation and manufacturing in the sector of batteries and storage capacity. India is moving towards electric mobility at a very fast pace. To meet the demand of such a large country, we have to work very fast in the field of batteries and storage capacity. Therefore, in this year’s Budget, we have made many announcements related to supporting green energy. The government has exempted many things related to the manufacturing of EV and mobile phone batteries from basic customs duty. Duty on cobalt powder, lithium ion battery waste, lead, zinc and many such critical minerals has been removed,” he said.

According to the Prime Minister, the National Critical Minerals Mission will also play a big role in building a strong supply chain in India, and the country is moving in the direction of promoting the non-lithium battery ecosystem.

Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More

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