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Last Updated on 25th June 2024
During the inauguration of India Energy Week 2024, Prime Minister Modi stated that India is set to receive an investment of USD 67 billion in the energy sector over the next 5–6 years. He also highlighted that the Union Budget 2024–25, which includes increased capex in infrastructure, will facilitate increased energy capacity.
Furthermore, Modi emphasized the nation's commitment to boosting the renewable energy sector. Additionally, plans were revealed to elevate India's oil refining capacity from 254 MMTPA to 450 MMTPA by 2030.
PM Modi underscored that solar energy installation capacity has surged by more than 20 times in the past decade. He also emphasized the significance of the national green hydrogen mission, which aims to position India as a hub for green hydrogen production and export. Moreover, he noted the remarkable increase in ethanol blending, rising from a mere 1.5 percent to over 12 percent.
The Prime Minister acknowledged projections indicating that India's primary energy demand could double by 2045, citing a potential rise from 19 million barrels of oil to 38 million. In response, India is taking proactive measures to ensure the availability of affordable energy across the nation.
| What is ethanol blending? |
| Ethanol blending is the process of mixing ethanol, a biofuel made from fermented plant materials, with gasoline to create a blended fuel. This blended fuel can then be used in gasoline-powered vehicles. |
The National Green Hydrogen Mission is a recently launched initiative by the Indian government to make the country a leader in the production, utilization, and export of green hydrogen. On January 4, 2023, the Union Cabinet approved it with an initial outlay of USD 2 billion (INR 19,744 crore).
The mission is expected to create over 500,000 new jobs and reduce India's dependence on imported fossil fuels by USD 12.8 billion (INR 1 lakh crore) per year.
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