Chief Minister of Karnataka Shri Basavaraj Bommai ji, my colleagues in the Union Cabinet Shri Hardeep Puri ji and Rameswar Teli ji, other ministers, Your Excellencies, ladies and gentlemen!

We are monitoring the situation in Turkey which has been hit by the devastating earthquake. There are reports of many tragic deaths and extensive damage. The countries around Turkey also feared to have suffered damages. The sympathies of the 140 crore people of India are with all the earthquake victims. India is committed to provide all possible help to the earthquake victims.

Friends,

Bengaluru is a city energized with technology, talent and innovation. Like me, you too must be feeling the youthful energy here. This is the first major energy event of India's G-20 presidency calendar. I welcome all the people who have come from India and abroad for the India Energy Week.

Friends,

Energy sector has a huge role to play in determining the future of the 21st century world. Today India is one of the strongest voices in the world in energy transition and in developing new resources of energy. Unprecedented possibilities are emerging for the energy sector in India, which is determined to become a developed nation.

You must be aware that the IMF has recently released growth projections for 2023. It has been said that India is going to be the fastest growing major economy. India has been a global bright spot in 2022 despite the repercussions of the pandemic and war. Whatever be the external circumstances, India overcame every challenge due to its internal resilience. Multiple factors worked behind this. First: a stable decisive government; second: sustained reforms; and third: socio-economic empowerment at the grassroots.

People were linked to bank accounts on a large scale and they also got the facilities of free healthcare treatment in the last few years. Crores of people had access to safe sanitation, electricity connection, housing, tap water and other social infrastructure schemes during this period.

The significant population of Indians whose lives have changed in the last few years is more than the population of many developed countries. This has helped in lifting crores of poor people out of poverty. Today crores of people have come out of poverty and reaching the middle class level. Today, there has been a change in the quality of life of crores of people in India.

Today, more than six lakh kilometers of optical fiber is being laid to make the Internet available in every village. The number of broadband users in the country has increased 13 times in the last nine years. Internet connections have more than tripled in the last nine years. Today the number of rural internet users is increasing faster than the urban users.

Moreover, India has become the second largest mobile phone manufacturing country in the world resulting in the creation of the world's largest aspirational class in India. The people of India now aspire for better products, better services and better infrastructure.

Energy is a huge factor in fulfilling the aspirations of the people of India. From industries to offices and from factories to homes, the demand for energy is increasing day by day. In view of the rapid development taking place in India, it is believed that many new cities will be built in India in the coming years. The International Energy Association has also said that India's energy demand will be the highest in the world in this decade. India has brought new opportunities for all the investors and the stakeholders of the energy sector.

Today India's share in global oil demand is around 5% but it is expected to reach 11%. India's gas demand is expected to increase by 500 percent. Our expanding energy sector is creating new opportunities for investment and collaborations in India.

Friends,

There are four major verticals of India's strategy regarding the energy sector. First: Increasing domestic exploration and production; second: diversification of supplies; third: expansion of alternative energy sources like bio fuels, ethanol, compressed biogas and solar; and fourth: de-carbonization through use of electric vehicles and hydrogen. India is working rapidly in all these four directions. I would like to talk to you in more detail about some of its aspects.

Friends,

Do you know that India has the fourth largest refining capacity in the world? India's current capacity is around 250 MMTPA, which is being increased to 450 MMTPA. We are constantly modernizing and upgrading our refining industry indigenously. We are also working very fast in the direction of increasing our petrochemical production capacity. All of you can expand your energy landscape by using India's rich technology potential and growing start-up ecosystem.

Friends,

We are also working on mission mode to increase natural gas consumption in our energy mix by 2030. A target has been set to increase it from 6 percent to 15 percent. Our vision of One Nation One Grid will provide all necessary infrastructure in this regard.

It is our endeavor to increase the LNG terminal re-gasification capacity. Our capacity was 21 MMTPA in 2014, which has almost doubled in 2022. Work is underway to increase it further. The number of CGD in India has also increased 9 times as compared to 2014. We had around 900 CNG stations in 2014. Now their number is set to reach 5,000 very soon.

We are also rapidly working towards increasing the length of the gas pipeline network. The length of the gas pipeline in our country in 2014 was about 14,000 kilometers. Now it has increased to more than 22,000 kilometers. In the next 4-5 years, the gas pipeline network in India will reach 35,000 kilometers. This means that huge investment opportunities are being created for you in India's natural gas infrastructure.

Friends,

Today India is laying emphasis on promoting domestic exploration and production. The E&P sector has also shown its interest in those areas which were considered inaccessible. Keeping in view your concerns, we have reduced restrictions on the 'No-Go' areas. As a result, 10 lakh square kilometers of area has been freed from the restrictions of No-Go. If we look at the figures, this reduction is more than 98 percent in the No-Go areas. I would urge all the investors to make use of these opportunities and increase their presence in the exploration of fossil fuels.

Friends,

We are also moving fast in the field of bio-energy. We established Asia's first 2-G Ethanol Bio-Refinery in August last year. We are committed to make 12 such commercial 2-G ethanol plants. We are also making efforts towards the commercial utility of sustainable aviation fuel and renewable diesel.

We announced plans to build 500 new 'waste to wealth' plants under the Gobar-Dhan Yojana in this year’s budget. This includes 200 compressed biogas plants and 300 community or cluster-based plants. It will also open avenues for investment of thousands of crores of rupees for all of you.

Friends,

Green hydrogen is another sector in which India is taking lead in the world. The National Green Hydrogen Mission will give a new direction to 21st century India. We are aiming to produce 5 MMTPA of green hydrogen by the end of this decade. There are investment possibilities worth more than Rs 8 lakh crore in this field also. India will increase the share of green hydrogen to 25% in the next five years by replacing grey-hydrogen. This will also be a great opportunity for you.

Friends,

Another important issue is the battery cost of EVs. Today, the cost of batteries in an electric vehicle ranges from 40 to 50 percent. Therefore, we have started a PLI scheme worth more than 18,000 crore rupees to make advanced chemistry cells of 50 Gigawatt hours in this direction. This is a good opportunity to set up battery manufacturing facilities in the country.

Friends,

We have further strengthened these possibilities of investment in India in the budget that was tabled a week ago. Renewable energy, energy efficiency, sustainable transportation and green technologies have been further encouraged in the budget. Rs 35,000 crore has been earmarked for priority capital investments so that energy transition and net zero objectives get a boost. We have also made a provision of Rs 10 lakh crore for capital expenditure in the budget. This will also speed up infrastructure from green hydrogen to solar and roads.

Friends,

The entire world is witness to India's commitment and efforts regarding green energy since 2014. The renewable energy capacity in India has increased from about 70 GW to about 170 GW in the last nine years. The solar power capacity has also increased more than 20 times. Today India ranks fourth in the world in terms of wind power capacity.

We are aiming to have 50% non-fossil fuel capacity by the end of this decade. We are working very fast on ethanol blending and on bio fuels. We have increased ethanol blending in petrol from 1.5 percent to 10 percent in the last nine years. Now we are moving towards the target of 20 percent ethanol blending.

E-20 is being rolled out today at this event. In the first phase, 15 cities of the country will be covered and it will be expanded across the country in the next two years. E-20 is also going to become a huge market for you across the country.

Friends,

The mass movement in India regarding energy transition is a subject of study. This is happening in two ways: First: rapid adoption of renewable sources of energy; and second: adoption of effective methods of energy conservation. Citizens of India are rapidly adopting renewable sources of energy today. Houses, villages, airports running on solar power and farming with solar pumps are many such examples.

India has connected more than 19 crore families with clean cooking fuel in the last nine years. The solar cook-top, which was launched today, is going to give a new dimension to green and clean cooking in India. It is expected that more than 3 crore households will have access to solar cook-tops in the next two-three years. In a way, India will bring a revolution in the kitchen. There are more than 25 crore families in India. You can imagine how many possibilities are in store for you by investing in solar cook-tops.

Friends,

Citizens of India are rapidly shifting towards effective methods of energy conservation. Now LED bulbs are mostly used in homes and streetlights. Smart meters are being installed in the homes of India. CNG and LNG are being adopted on a large scale. The increasing popularity of electric vehicles is indicating a major change in this direction.

Friends,

These huge efforts of India towards green growth and energy transition also reflect our values. Circular economy, in a way, is a part of the lifestyle of every Indian. The mantra of Reduce, Reuse and Recycle has been ingrained in our values. Today, we got to see an example of this here. You have seen uniforms made by recycling plastic waste bottles. It does not lack anywhere as far as the world of fashion and beauty is concerned. The target of recycling 100 million such bottles every year will go a long way in protecting the environment.

This mission will also strengthen LiFE i.e. Lifestyle for Environment, which is very much the need of the hour in the world today. Following these values, India has set a target of Net Zero by 2070. India wants to strengthen this goodwill in the world through efforts like the International Solar Alliance.

Friends,

I would again call upon you to definitely explore every possibility related to India's energy sector and get involved in it. Today India is the most suitable place in the world for your investment. With these words, I welcome all of you who have come here in such a large number to participate in the energy transition week and end my speech. Many best wishes to all of you!

Thanks.

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.

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DS/LP/VK