Betul
On Tuesday, Prime Minister Narendra Modi announced that India is poised to experience a significant influx of investment, totaling $67 billion, in the natural gas supply chain over the next 5-6 years. This surge in funding reflects an unprecedented commitment to bolstering the energy sector, aimed at fulfilling the requirements of the world’s fastest-growing major economy.
Speaking at the second edition of the India Energy Week here, he said reforms by his government are leading to a rise in domestic natural gas production as part of the wider aim to increase the share of the fuel in the energy basket to 15 per cent by 2030 from current 6.3 per cent.
Natural gas is seen as a transition fuel in India’s march towards net zero carbon emission by 2070. Gas, which is used to generate electricity, make fertiliser or turn into CNG for running automobiles as well as for cooking, is considered less polluting fuel than other fossil fuels such as coal.
Modi said India’s world-beating economic growth rate is fuelling a surge in energy needs.
“India is the world’s third largest energy, oil and LPG consumer. It is the fourth largest LNG importer and refiner as well as the fourth largest automobile market,” he said, adding the nation’s energy demand is estimated to double by 2045.
Noting that India Energy Week 2024 is taking place at a time when India’s GDP growth rate crossed 7.5 per cent in the first six months of the financial year, Modi said that the pace of growth is higher than the global growth estimate making India the fastest growing economy in the world.
