India to invest US$ 67 bn in 5-6 years for developing gas sector: Prime Minister, Mr. Narendra Modi

IBEF
February 7, 2024
Prime Minister, Mr. Narendra Modi has unveiled a strategic investment plan of US$ 67 billion for the Indian gas sector over the next 5-6 years, signaling a robust commitment to bolster the nation’s energy infrastructure. Speaking at the second edition of the India Energy Week in South Goa, Prime Minister, Mr. Narendra Modi outlined India’s ambition to raise the share of natural gas in the primary energy mix from 6% to 15%. This significant investment is expected to attract global investors to participate in the country’s burgeoning energy sector.

In his address, Prime Minister, Mr. Narendra Modi underscored the alignment of the Interim Budget’s proposed capital expenditure of US$ 132.5 billion (Rs. 11 trillion) with substantial investments in the energy sector. He highlighted India’s remarkable economic growth, positioning it as the fastest-growing global economy and projecting its imminent ascent to the third-largest economy worldwide. Moreover, Prime Minister, Mr. Narendra Modi emphasized India’s future role as a key producer and exporter of hydrogen. Additionally, he outlined plans to expand the nation’s refining capacity from the current 255 MMTPA to an ambitious 450 MMTPA by 2030. Acknowledging India’s current status as one of the world’s largest refiners, Prime Minister, Mr. Narendra Modi also forecasted an increase in annual oil consumption from 19 million barrels to 38 million barrels by 2045.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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