INDIA'S ENERGY DEMAND WILL DOUBLE
WAM - 7th February, 2024 -- India's energy demand will double by 2045, Prime Minister Narendra Modi has projected.
Inaugurating the "India Energy Week" yesterday, Modi said India's consumption of oil per day will soar from 19 million barrels to 38 million barrels by 2045.
"India currently ranks as the world's third-largest energy consumer, oil consumer, and liquefied petroleum gas consumer. Additionally, it stands as the fourth largest importer of liquefied natural gas, refiner, and automobile market globally. Presently, India is witnessing record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles," Modi added.
Consequently, India is offering investment opportunities to the tune of $67 billion, primarily for energy-producing countries spread all over the world.
India has announced an infrastructure investment of 11 trillion rupees ($ 1.32 billion) in its annual budget presented to Parliament on 1st February. "A large part of this will go to the energy sector," Modi said.
By increasing the blending of ethanol in petrol eight-fold in a decade, a reduction in carbon emissions of 42 million metric tonnes has been achieved, the Prime Minister stated.
"We are working towards achieving a target of blending 20 percent ethanol in petrol by 2025." At present, the comparative figure is 12 percent.
The Indian Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said that "India, despite having no large oil reserves of its own, has managed to successfully develop a large oil industry by strategic planning and investments in the refining sector."
In the last fiscal year, crude oil was India's biggest import item, while petroleum products made up the largest share of exports, he noted.
India Energy Week is the country's largest and only all-encompassing energy exhibition and conference. It is now in its second year. Seventeen energy ministers, 35,000 delegates, and more than 900 exhibitors are attending this year's event.