India\'s energy sector has high potential, PM tells investors at \'India Energy Week\'

BENGALURU: While drawing attention of investors on various opportunities in the offing in energy sector and to pump in investments, Prime Minister Narendra Modi on Monday told investors that “India a better place in the world to make investments.”

Addressing the gathering of investors at the India Energy Week-2023, the Prime Minister brought to their notice that under his regime, restrictions in “No Go Areas” in the country were reduced in about 10 lakh sq km keeping in mind the concerns of investors.

Modi wanted investors to make note of reduction in “No Go Areas” and make investments for fossil fuel exploration.

Stating that the country has been making rapid progress in the production of Hydrogen, Modi told investors that the country is taking lead in the production of hydrogen under National Green Hydrogen Mission.

“The target is to produce 5 million metric tonne of green hydrogen per annum, PM Modi said adding that it requires about Rs 8 lakh crore to go from grey to green hydrogen.

The potential of investing in the Solar Cooking System is huge considering that the country has around 25 crore families, he said and added that with the launch of the Solar Cooking System model of IndianOil, about 19 crore families would be covered in the three years and the country would bring about “a revolution in kitchen” in days to come.

Modi said another area where investors could concentrate on is electric vehicle batteries which cost about 50 per cent of the vehicle price.

Continuing, he said, Rs 18,000 crore has been earmarked for setting-up of Advanced Chemistry Cell of 50 giga watts and investors can start battery manufacturing facilities.

Modi stressed on increasing the natural gas infrastructure and said that the country’s gas pipeline network was about 14,000 km in 2014 and presently, the gas pipeline network stood at about 22,000 km. He hoped that the gas pipeline network in the country would reach about 35,000 km in the next five years.

Modi told the investors that the villages of the country had internet facilities with 6000 km of optic fibre. He also noted that the country saw a 13 per cent increase in the broadband users in the last 9 years and that today the rural areas of the country saw a faster growth in number of internet users than the urban areas.

The Prime Minister in his speech also spoke on various opportunities of making investments since the demand for energy is on the rise in the country. He brought to notice of the investors that the International Energy Association has said that “India would need more energy than any other country in the world.”

Chief Minister Basavaraj Bommai spoke and a large number of investors both domestic and international attended the event.