PM Modi: India To Rise As 3rd Largest Economy, Announces At India Energy Week 2024
He noted India's robust economic growth, surpassing 7.5 percent GDP growth in the first half of the fiscal year, positioning India as the world's fastest-growing economy.
Prime Minister Narendra Modi inaugurated India Energy Week 2024 in Goa, highlighting its significance as India's largest energy exhibition and conference. The event aims to accelerate India's energy transition by convening stakeholders across the energy value chain.
PM Modi emphasized the energetic spirit of Goa and its impact on global tourists. He noted India's robust economic growth, surpassing 7.5 percent GDP growth in the first half of the fiscal year, positioning India as the world's fastest-growing economy. Citing IMF projections, he anticipated India's ascent as the third-largest economy globally.
India, he mentioned, ranks prominently in energy consumption, being the world's third-largest consumer of energy, oil, and LPG, and the fourth-largest LNG importer and refiner. The Prime Minister also highlighted India's burgeoning electric vehicle market and the projection of doubling energy demand by 2045.
Despite global challenges, PM Modi underlined India's achievements in ensuring affordable fuel and achieving 100% electricity coverage. He highlighted the government's allocation of 11 lakh crore rupees for infrastructure in the recent budget, a substantial portion of which will bolster the energy sector.
Emphasizing India's commitment to renewable energy, PM Modi pointed out the significant growth in biofuel adoption and the surge in solar energy capacity over the past decade. He encouraged startup integration into the energy sector to drive innovation.
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India Energy Week 2024 is expected to host 17 energy ministers from various nations, with over 35,000 attendees and 900 exhibitors. Country pavilions and a Make in India Pavilion will showcase innovative solutions, particularly those spearheaded by Indian MSMEs, underscoring India's ambition to lead in the energy transition.
