Economic resilience helped meet challenges, says PM after inaugurating India Energy Week

Prime Minister Narendra Modi on Monday said that despite the pandemic and wars, India has been a bright spot in 2022 as internal resilience has helped it despite challenges in the global environment.

Addressing a huge gathering of representatives of the oil and gas industry while inaugurating the India Energy Week (IEW), Modi said that a stable and decisive government as well as sustained reforms and socio economic empowerment helped the country to cope with global challenges.

"India's strategy towards the energy sector is based on four major verticals -- to increase domestic exploration and production; diversification of supplies; to expand alternative energy sources like Biofuels, Ethanol, Compressed Bio Gas & Solar; and to achieve decarbonisation through electric vehicles & hydrogen," he said.

The prime minister also pointed out that India's gas pipeline network will soon reach 35,000 km. "There is a huge opportunity to invest in gas infrastructure in India," he added.

Modi further said that India is taking the lead in global Green Hydrogen space.

"In the next five years, we will replace grey with green hydrogen to increase its share to 25 per cent," he said.

"We are working on mission mode to increase natural gas consumption in our energy mix by 2030," the prime minister said further.

He urged investors to look at India as "it is the most relevant place for investment in the field of energy".

On the occasion, Modi also unveiled the twin-cooktop model of the solar cooking system, developed by Indian Oil.

"In the next few years, solar cook-top will reach three crore households. There is a huge opportunity for investments in this sector," he added.

(With inputs from IANS)