India Is Driving Global Growth: PM Modi On India Energy Week

(MENAFN- IANS) New Delhi, Feb 11 (IANS) Prime Minister Narendra Modi on Tuesday underscored India's crucial role in driving both domestic and global economic growth, with the energy sector playing a pivotal part.

Speaking at the India Energy Week, he expressed confidence that the event would foster productive discussions and collaborations.

"I extend my greetings to all the delegates and partners from across the country and the world who have gathered here at Yashobhumi. You are not just participants in Energy Week; you are an important part of India's energy ambitions," PM Modi said.

"Today, every expert in the world is saying that the 21st century is India's century. India is not only driving its own growth, but also the global growth and our energy sector has an important role in it," PM Modi said.

Laying out foundation of India's energy ambitions, the Prime Minister said they rest on five pillars -- abundant resources, brilliant minds, economic strength, political stability, strategic geography, and a commitment to global sustainability.

"The next two decades are crucial for achieving the vision of 'Viksit Bharat', and in the next five years, we will accomplish several milestones. Many of our energy goals align with the 2030 deadline," he said.

PM Modi outlined key targets for 2030, including adding 500 gigawatts of energy capacity, achieving net-zero carbon emissions for Indian Railways, and producing green hydrogen gas. While these goals may appear ambitious, he asserted that India's achievements over the past decade have built confidence in their feasibility.

"Over the last 10 years, India has become the fifth-largest economy, doubled its solar generation capacity, and emerged as the third-largest solar power-generating nation. Our non-fossil fuel energy capacity has tripled," he noted.

Citing India's leadership in sustainability, the Prime Minister highlighted that the country is the first to meet the Paris G20 agreement goals, achieving a 90 per cent ethanol blending rate and making significant progress in biofuels.

"India's biofuels industry is poised for rapid growth, with 500 million metric tons of sustainable feedstock available. The Global Biofuels Alliance, established during India's G20 presidency, continues to expand, now comprising 28 nations and 12 international organisations. This initiative is transforming waste into wealth and creating Centers of Excellence," he said.

Discussing India's strides in hydrocarbon resources, PM Modi mentioned key policy initiatives such as the Open Acreage License Policy (OALP), the opening of the exclusive economic zone, and the implementation of a single-window clearance system to attract investment.

He also highlighted efforts to empower ordinary families and farmers as energy providers.

"Last year, we launched the PM Suryodaya Mukt Bijli Yojana. This scheme goes beyond energy production; it fosters new skills in the solar sector, builds a new service ecosystem, and enhances investment opportunities," he stated.

Reaffirming India's commitment to sustainable energy solutions, PM Modi expressed hope that the India Energy Week would lead to innovative breakthroughs in the sector.

"India is dedicated to providing energy solutions that drive our growth while preserving nature. I hope this Energy Week brings new ideas and solutions for a sustainable future," he concluded.

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