Indian Prime Minister Narendra Modi Tuesday said the country will see an investment of 67 billion U.S. dollars in the energy sector in the next five to six years.
Modi made the comments while inaugurating the second edition of the India Energy Week in Goa.
The prime minister noted the production of domestic gas is rising due to the government’s reforms and the country is making efforts to take the percentage of gas in the primary energy mix from 6 to 15 percent.
“This will see an investment of about 67 billion dollars in the next 5-6 years,” he said.
Modi highlighted India’s progress in the biofuel sector and said that ethanol blending witnessed a significant rise from 1.5 percent in 2014 to 12 percent in 2023, leading to a reduction in carbon emissions by about 42 million metric tons.
“Government has set a target of 20 percent ethanol blending in petrol by 2025,” he said.
Recalling the initiation of 20 percent ethanol blending in more than 80 retail outlets during India Energy Week last year, Modi said the number of these outlets has now increased to 9,000.
India Energy Week 2024 is expected to witness the participation of around 17 energy ministers from different countries, over 35,000 attendees and more than 900 exhibitors. Source: Xinhua