Modi says India ‘driving global growth through its energy sector’

By Anjali Sharma

WASHINGTON – India Prime Minister Narendra Modi, on Tuesday, emphasized the significance of the energy sector in India’s growth trajectory and connected it with the global growth at the AI summit in Paris.

He said, “India is driving not only its growth but also the growth of the world, with the energy sector playing a significant role.”

Modi said these factors are creating new opportunities in India’s energy sector.

He predicted that the next two decades are crucial for a Viksit Bharat and several significant milestones will be achieved in the next five years.

Modi noted that many of India’s energy goals are aligned with the 2030 deadline, including the addition of 500 gigawatts of renewable energy capacity, achieving net zero carbon emissions for Indian Railways, and producing five million metric tons of green hydrogen annually.

These targets may seem ambitious, but the achievements of the past decade have instilled confidence that these goals will be attained, he said.

He highlighted the potential for manufacturing various types of hardware, including PV modules, in India.

Modi remarked that India is rapidly advancing towards electric mobility and emphasized the need for swift action to meet the demands of such a large country in this sector.

He noted that the country’s solar energy generation capacity has increased 32 times in the last ten years, making it the third-largest solar power generating nation in the world. “India’s non-fossil fuel energy capacity has tripled and that India is the first G20 country to achieve the goals of the Paris Agreement.”

Modi emphasized India’s achievements in ethanol blending, with a current rate of 19%, leading to foreign exchange savings, substantial farmer revenue, and significant reductions in CO2 emissions.

He highlighted India’s goal of achieving a 20% ethanol mandate by October 2025.

Modi remarked that India’s biofuels industry is ready for rapid growth, with 500 million metric tonnes of sustainable feedstock.

He noted that during India’s G20 presidency, the Global Biofuels Alliance was established and is continuously expanding, now involving 28 nations and 12 international organizations.

Modi also highlighted that India is continuously reforming to fully explore the potential of its hydrocarbon resources.

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