PM Modi's Speech at Energy Week in Goa: 9 Big Takeaways

Prime Minister Narendra Modi on Tuesday shared his insights at the second edition of India Energy Week in Goa. 

He talked about how amidst the increasing energy demand, India is also ensuring affordable energy in every corner of the country. In his speech, he reflected various targets set by the central government in the energy sector. From solar energy to Biofuels, the Prime Minister threw light upon the roadmap about how the government plans to become a energy hub of the world in the coming years. 
 

HERE ARE THE 9 KEY TAKEAWAYS FROM PM MODI'S SPEECH AT ENERGY WEEK IN GOA 

1) Strong Foundation For Next 100 Years: "Our third term will be of very big decisions… the third term will be the term of laying a strong foundation for the next 100 years.”

2) India's Primary Energy Demand To be Doubled by 2045: PM Modi stated that additionally, projections indicate that by 2045, India's primary energy consumption would double. He added that this implied that by 2045, the amount of oil we need each day—roughly 19 million barrels today—will have increased to 38 million barrels.

3) Large Part of 11 Crore Budget for Infrastructure to be Spent on Energy Sector: As of last week, we have committed to spending over Rs 11 lakh crore on infrastructure in the Indian budget, PM Modi said. A large part will go to the energy industry, he added. 

4) Sixty Seven Billion Dollars To Be Invested to increase Natural Gas in Primary Energy Mix: “We are making efforts to increase Natural Gas in Primary Energy Mix from Six Percent to Fifteen Percent. For this, about Sixty Seven Billion Dollars are going to be invested in the next 5-6 years,” he said at the while addressing people at Energy Week in Goa. 

5) India's Refining Capacity To be Increased by 2030: He said that we currently rank among the biggest refiners worldwide. He added that we can now refine more than 2.4 million tons per annum. By 2030, we want to raise India's refining capacity to 4.5 million metric tons per annum, he announced. 

6) Economic Opportunities to be Created by Promoting Use of Biofuels: “The Global Biofuels Alliance which we launched at the G-20 Summit last year is a symbol of our same spirit. This Alliance has brought together governments, institutions and industries from all over the world. Ever since this Alliance was formed, it is getting widespread support. In a very short time, 22 countries and 12 international organizations have joined this Alliance. This will promote the use of Biofuels all over the world. This will also help in creating economic opportunities worth about $500 billion,” he said. 

7) Target for Ethanol Blending in Petrol by 2025: He went on saying that our goal is to have twenty percent ethanol blended into petrol by 2025. As many of you may know, India began blending 20% ethanol at over 80 retail locations during the recent India Energy Week. We currently work at 9,000 locations across the nation doing the same tasks, he added. 

8) Impetus Given to Model of Waste to Wealth Management: “The government is also trying to give a new impetus to the rural economy on the model of Waste to Wealth Management. For this, work is being done towards setting up 5000 Compressed Biogas Plants in India,” he elaborated. 

9) Net Zero Emission Target By 2070: He stated that despite this, we are emphasizing on the development of environmentally sensitive energy sources to further improve our energy mix. By 2070 we want to achieve the target of Net Zero Emission. Today India ranks fourth in the world in Renewable Energy Installed Capacity, he added. He further said, “Of our Installed Electricity Capacity, 40 percent of it comes from Non Fossil Fuel Sources. India's solar energy installed capacity has increased more than 20 times in the last decade.” (With inputs from PIB)