On Monday, Prime Minister Modi invited foreign investors to look into investment prospects in the nation’s power industry, claiming that India is currently the most beneficial location.
The budget 2023–34, has allocated ‘Rs 10 lakh crore’ for capital investment, which will strengthen the “green hydrogen, solar power, and road sectors”, Mr Modi claimed in his opening statement at the “India Energy Week 2023.”
“We kindly request that you investigate all possibilities relating to the energy sector in India. At the India Energy Week, which is being attended by many ministers, business heads, and specialists from other countries, he declared that India is the most advantageous location for investment right now.
The prime minister also mentioned a number of government programmes designed to support renewable energy and have India reach net zero by 2070. He added that government efforts had helped millions of individuals escape poverty and join the middle and working classes.
The Prime Minister said that India is now the 2nd largest creator of smartphones and the 4th largest refiner of oil in the world.
According to the prime minister, India is one of the world’s leading speakers in the energy revolution.
“India has the 4th largest global capacity for distilling crude, and we are presently aiming to raise that capability from 250 MMTPA to 450 MMTPA.” In the following four to five years, the gas pipeline system will grow from its current 22,000 km to 35,000 km. 10 lakh square kilometres have been removed from the no-go zone for oil and gas exploration. The National Green Hydrogen Mission will provide the nation with a new focus for the twenty-first century, Mr. Modi claimed.
The “National Green Hydrogen Mission,” which aims to make India the worldwide hub for the production of environmentally friendly hydrogen, was authorized by the Union Cabinet on January 4. On August 15, 2021, the “National Hydrogen Mission” was established to reduce carbon emissions and uplift renewable energy use. By 2030, the project hopes to support the growth of a green hydrogen manufacturing capability in the nation of at least 5 MMT (million metric tonnes) annually, along with an additional 125 GW of renewable energy generation capacity.
According to him, the introduction of the solar cooktop will expand the scope of Indian cooking.