Govt to spend Rs 11 trillion on infrastructure, says PM Modi

BETUL: Prime Minister Narendra Modi on Tuesday said the government has committed to spend Rs 11 trillion on infrastructure in the Union budget and a large chunk of it will go to the energy sector.

Addressing the gathering of global energy leaders at the inauguration of the second edition of India Energy Week 2024 at Betul, PM Modi emphasised on India’s commitment to unprecedented levels of investment in the energy sector, and underlined that the massive government spending in the sector will create new avenues for investment in India.

“India is going to spend Rs 11 trillion on infrastructure. A large part of this will surely go to the energy sector. You can see how India is continuously increasing energy capacity,” he said. 

Speaking on India’s central role in global energy markets, Modi said that India, which is the third largest energy consumer, is also the third largest oil consumer, fourth largest LNG importer, refiner and automobile market in the world.

While stressing on the growing energy use and the effort for energy transition, Modi said that sales of two and four wheelers were breaking records in India. “India’s EV demand is also increasing. It’s expected that India’s energy demand will double by 2045,” he said.

Outlining the priority of the government to provide affordable energy to all, Modi said, “Despite global factors, India is the only county where rates of petrol and diesel have reduced. Because of such efforts, India is today at the forefront of the energy sector.”

Moreover, spelling out the efforts of the government to scale up solar energy use, he said, “We have announced solar rooftop installation for one crore houses. The electricity produced by these homes will reach the grid directly. Solar value chain offers great investment opportunities.”

“Our reforms have ensured that the use of domestic gas is rapidly increasing. Today India offers opportunities for $67 billion investment as we move from 6% to 15% of natural gas share in our energy mix,” Modi said.

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said that India is rapidly becoming the energy growth centre for the world. 

He said that the event is being held at a crucial juncture in the global energy sector, where it aims to effectively address the pressing global energy challenges of ensuring energy availability, affordability, and sustainability while prioritising energy security.

Highlighting key opportunities around the four-day event for the State, Chief Minister Pramod Sawant said that the energy conclave is an opportunity for Goa to emerge as a global energy hub.

Integrated Sea Survival Training Centre

Earlier, the Prime Minister inaugurated the Integrated Sea Survival Training Centre, ONGC Institute at Betul and also witnessed a briefing on underwater escape exercises and a demonstration of the training centre.

After the inaugurating the same, the Prime Minister posted on X, “This state-of-the-art Centre is a watershed moment for India in making a mark in the sea survival training ecosystem. Offering rigorous and intense emergency response training, it will ensure many lives are saved in a timely manner.”

The Prime Minister also shared a video outlining the need for a modern Sea Survival Centre and said, “Here is why we needed a modern Sea Survival Centre and how it will be very beneficial for our nation.”