PM Modi Forecasts India's Ascent To Third-Largest Economy, Declared At India Energy Week 2024
He underscored India's robust economic growth, with GDP exceeding 7.5 percent in the first half of the fiscal year, positioning India as the world's fastest-growing economy.
Prime Minister Narendra Modi inaugurated India Energy Week 2024 in Goa, stressing its importance as India's premier energy exhibition and conference. The event aims to expedite India's energy transition by uniting stakeholders throughout the energy value chain.
PM Modi highlighted Goa's vibrant atmosphere and its global appeal to tourists. He underscored India's robust economic growth, with GDP exceeding 7.5 percent in the first half of the fiscal year, positioning India as the world's fastest-growing economy. Referring to IMF forecasts, he anticipated India's rise to the third-largest economy globally.
India ranks prominently in energy consumption, being the world's third-largest consumer of energy, oil, and LPG, and the fourth-largest LNG importer and refiner. The Prime Minister also emphasized India's burgeoning electric vehicle market and the projected doubling of energy demand by 2045.
Despite global challenges, PM Modi emphasized India's achievements in ensuring affordable fuel and achieving 100% electricity coverage. He highlighted the government's allocation of 11 lakh crore rupees for infrastructure in the recent budget, a significant portion of which will strengthen the energy sector.
PM Modi stressed India's dedication to renewable energy, noting substantial growth in biofuel adoption and solar energy capacity over the past decade. He encouraged the integration of startups into the energy sector to drive innovation.
India Energy Week 2024 is set to host 17 energy ministers from various nations, with over 35,000 attendees and 900 exhibitors. Country pavilions and a Make in India Pavilion will showcase innovative solutions, particularly those led by Indian MSMEs, highlighting India's aspiration to lead in the energy transition.
