Prime Minister Narendra Modi announced that India is poised to invest approximately $67 billion in the development of its oil and gas industry in the upcoming years. Modi stated that the aim is to elevate the share of natural gas in the energy mix from 6% to 15%. He highlighted the necessity of this investment, estimating it will be executed over the next 5-6 years.
Modi further underscored India's significant position as the third-largest global consumer of energy, oil, and LPG, and the fourth-largest importer and processor of LNG. He projected that India's hydrocarbon demand would escalate from the current 19 million barrels of oil equivalent to 38 million boe by 2025.
Emphasizing India's achievements in renewable energy, Modi noted that the country ranks fourth globally in installed renewable energy capacity. He added that approximately 40% of the nation's installed capacity is derived from non-fossil fuel sources.
Considering this trajectory, Modi expressed confidence that, with appropriate strategies, India could potentially serve as a quality alternative to Europe in the coming years, thus hinting at significant geopolitical implications.
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