India Energy Week: PM Modi outlines his government’s focus on alternative fuels

Prime Minister Narendra Modi on Tuesday outlined his government’s vision for reducing dependence on fossil-based fuels and highlighted the achievements the country made under his administration in the energy domain.

“It is a matter of great pleasure for us that this event of India Energy Week is taking place in Goa which is always full of energy. Goa is known for its hospitality. Tourists coming here from all over the world are impressed by the beauty and culture of this place. Goa is a state which is touching new paradigms of development, so today when we have come together to talk about sensitivity towards the environment and sustainable future, then Goa is a perfect destination for this. All the foreign guests coming to this Summit will take lifetime memories of Goa with them” the Prime Minister said.

During the opening of the second India Energy Week in 2024, Prime Minister Modi declared that India has increased its installed solar capacity by more than 20 times in the last ten years. The percentage of ethanol blended has increased from 1.5% to more than 12%. Although it was introduced gradually in April 2023, India has already begun to offer 20% blended fuel, and widespread availability is anticipated soon. A complete 20 percent rollout is anticipated by 2025.

“India is focusing on building infrastructure at an unprecedented pace,” PM Modi said.
“Amidst the increasing energy demand, India is also ensuring affordable energy in every corner of the country. India is a country where despite many global factors, the prices of petrol and diesel have come down in the last two years. Apart from this, India has achieved 100% electricity coverage. Electricity has been provided to crores of homes and due to such efforts, today India is progressing so much in the energy sector on the world stage. India is building a modern infrastructure of the 21st century, we are working on the infrastructure-building mission, in this financial year we are investing about Rs 10 lakh crore on infrastructure” the Prime Minister added.

In his remarks, Prime Minister Modi predicted that by 2045, India’s energy consumption would have doubled to roughly 38 million barrels.

Regarding the diversification of energy sources, there is a plan to increase the share of natural gas in the overall energy mix from 6% to 15%. About USD 67 billion in investments will be made, according to PM Modi, in the next five to six years. He said that work is being done on up to 5,000 compressed biogas plants as part of his government’s waste-to-wealth management program.