Prime Minister Narendra Modi said on Tuesday that India’s needs will double from the current 19 million barrels by 2045, and announced an elaborate plan to meet the demand.

Inaugurating the second edition of the India Energy Week, PM Modi noted that India was the world’s third largest energy, oil and LPG consumer.

Furthermore, he said India was the fourth largest LNG importer and refiner along with the fourth largest automobile market. He also underlined rising demand of EV in the country.

The Prime Minister stressed on the efforts to ensure affordable fuel. He said that despite adverse global factors, India was among the few nations where petrol prices have come down and 100 per cent electricity coverage was achieved by electrifying crores of houses.

“India is not just meeting its needs but is also determining the global direction”, the Prime Minister added.

Throwing light on the circular economy and concept of reuse being a part of India’s ancient traditions, the Prime Minister noted that the same was applicable for the energy sector.

He said that this belief was symbolised by the Global BioFuel Alliance which brings together governments, organisations and industries from across the world on a single platform.

Initiated during the G20 Summit held in India, the Prime Minister highlighted the holistic support received by the Alliance and informed about 22 nations and 12 international organisations coming onboard to encourage the use of biofuels in the world, while also creating economic opportunities worth USD 500 billion.

Highlighting India’s progress in the biofuel sector, PM Modi informed about India’s rising adoption rate. He said that ethanol blending witnessed a significant rise from 1.5per cent in 2014 to 12 per cent in 2023 leading to a reduction in carbon emissions by about 42 million metric tonnes.

“Government has set a target of 20 per cent ethanol blending in petrol by 2025,” he said.

Recalling the initiation of 20 per cent ethanol blending in more than 80 retail outlets during India Energy Week last year, PM Modi informed that the number of outlets has now increased to 9,000.

PM Modi mentioned that of Rs 11 lakh crore that the recent Budget has pledged for infrastructure, a big part will go to the energy sector.

This amount would create assets in railways, roadways, waterways, airways or housing which will need energy leading to India’s efforts to expand its energy capacity, he said.

He noted rising production of domestic gas due to the government’s reforms and also, the country was making efforts to take the percentage of gas in the primary energy mix to 15 per cent from 6 per cent. This will see an investment of about 67 billion dollars in the next 5-6 years, he informed.