PM Modi highlights $500 billion investment potential in India’s energy sector

Prime Minister Narendra Modi invited global investors to tap opportunities worth $500 billion across India’s energy value chain, citing policy reforms, capacity expansion and rising domestic demand. He was speaking virtually at the inauguration of India Energy Week in Goa.

The Prime Minister said India is among the world’s top five exporters of refined petroleum products, supplying over 150 countries. He noted that India aims to become a global leader in refining capacity. The country’s current refining capacity stands at around 260 million metric tonnes per annum and is planned to be expanded beyond 300 million metric tonnes in the coming years.

Modi highlighted reforms in the oil and gas exploration sector, including the reduction of restricted or No Go areas and the launch of the deep sea Samudra Manthan mission. He stated that India is targeting $100 billion in oil and gas investments by 2030. The government also plans to expand the exploration area to one million square kilometres, with the Andaman and Nicobar basin identified as a high potential hydrocarbon region.

Referring to rising demand for Liquefied Natural Gas (LNG), the Prime Minister pointed to investment opportunities across the LNG value chain. These include LNG terminal development, regasification infrastructure and domestic shipbuilding for LNG transport. He said a Rs 70,000 crore shipbuilding initiative would support this. Modi also stressed the need for expanded pipeline networks and increased investment in petrochemicals and downstream sectors.

Concluding his address, the Prime Minister reiterated the government’s focus on continued reforms and described the energy sector as central to India’s growth ambitions. He called on investors to make, innovate, scale and invest in India’s energy ecosystem.

Photo Source: @PMOIndia/X