PM Modi appeals foreign companies to invest in India’s energy sector

"We are aiming to have 50 percent non-fossil fuel capacity by the end of this decade," the PM said.

While speaking at the inaugural ceremony of India Energy Week 2023 in Bengaluru, PM Modi urged international investors to invest in India’s green energy and fossil fuel sectors, according to PIB. “I would again call upon you to definitely explore every possibility related to India’s energy sector and get involved in it. Today, India is the most suitable place in the world for your investment,” the PM said.

Modi expanded upon his government’s prioritization of green technologies, sustainable transportation, renewable energy, and energy efficiency, with 35000 crore being allocated in the latest budget as capital investment to facilitate energy transition. He further stated that a capex of 10 trillion rupees will accelerate solar, green hydrogen, infrastructure, among others.

The PM pointed out that the nation’s renewable energy capabilities have increased from 70 gigawatts to 170 gigawatts, with solar rising 20 folds. He further said that India ranked 4th in wind power capacity.

“We are aiming to have 50 percent non-fossil fuel capacity by the end of this decade. We are also working very fast on biofuel and ethanol blending. In the last 9 years, we have increased ethanol blending in petrol from 1.5 percent to 10 percent. Now we are moving towards the target of 20 percent ethanol blending,” the PM added.

He announced that 20 percent ethanol blended petrol would be introduced in more than 15 cities and within a couple of years will be available throughout the country.

Touching upon the country’s energy transition, Modi said, “This is happening in two ways. Firstly, fast adoption of renewable sources of energy and secondly, adoption of effective methods of energy conservation…. More than 3 crore households will have access to solar cooktops within the next 2-3 years. With more than 25 crore families in India, this will bring a revolution in the kitchen.”

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