India to see investment of $67 billion in next 5-6 years in energy sector: PM Modi (2024)

FAQs

India to see investment of $67 billion in next 5-6 years in energy sector: PM Modi? ›

Synopsis. PM Modi, while speaking at the inaugural ceremony of India Energy Week (IEW), highlighted that India's oil demand will double by 2045. "In primary energy mix, we are pushing to increase natural gas to 15 per cent from 6 per cent. For this, in next 5-6 years around $67 billion will be invested," he said.

India has huge ambitions in energy transition and plans to have 500 GW of non-fossil based electricity installed capacity by 2030, so that non-fossil cleaner fuel comprises of 50% of the installed capacity mix by 2030.

India has attracted a total of $3.8 billion in foreign direct investment (FDI) in the solar energy sector over the past three financial years and the current financial year until September 2023, according to Bhagwant Khuba, Minister of State for Ministry of New and Renewable Energy, and Chemicals and Fertilisers.

New Delhi: India's primary energy demand is on track to nearly double by 2045, reaching 38.5 million barrels of oil equivalent per day (mboe/d), driven by a growing population, urbanization, and economic expansion.

Overall, India appears well-prepared to achieve its renewable energy target of 500 GW installed capacity and reach 50 per cent cumulative electric power installed capacity from clean energy sources by 2030.

India's power demand projected to reach 366 GW by 2030; capacity expansion to 900 GW targeted. The two-day Review, Planning and Monitoring (RPM) meeting of the Power Sector is being held on January 18-19, 2024, in New Delhi, serves as a strategic platform to discuss and plan for the nation's growing power needs.

Top 5 sectors receiving highest FDI Equity Inflow during FY 2023-24 are Services Sector (Finance, Banking, Insurance, Non Fin/ Business, Outsourcing, R&D, Courier, Tech. Testing and Analysis, Other) (16%), Computer Software & Hardware (15%), Trading (6%), Telecommunications (6%) and Automobile Industry (5%).

A census conducted by the Reserve Bank of India has revealed that the United States was the largest source of foreign direct investment (FDI) in India in FY23. It was followed by Mauritius, the United Kingdom and Singapore, which collectively accounted for 60 per cent of the inward FDI in the country.

The correct answer is Services Sector. For economic growth, Foreign Direct Investment (FDI) has been a major non-debt financial resource for the economic development of India.

Is India supplying oil to us? ›

The USA imported EUR 1.2 billion of oil products from India, which were estimated as being refined from Russian crude. "India imported EUR 733 million of Russian crude to create these products for the USA."

India has huge untapped oil and gas resource potential in existing basins where yet-to-be-found resources are estimated at 30 billion boe. If one includes frontier unexplored areas this figure could be significantly greater.

India has limited oil storage capacity, with space for only 39 million barrels of crude — barely enough for eight days of the country's consumption — to use in the event of an emergency. It filled the storage in 2020, when Brent crude prices crashed, but has since released about a third of that oil to local refiners.

In conclusion, the healthcare and insurance, renewable energy, IT, FMCG, infrastructure, and electric vehicle industries are emerging sectors in 2024 to invest in. These industries offer substantial growth potential, driven by favourable market conditions, government initiatives, and changing consumer preferences.

In this scenario, the share of fossil fuels in global energy supply, which has been stuck for decades at around 80%, declines to 73% by 2030, with global energy-related carbon dioxide (CO2) emissions peaking by 2025. “The transition to clean energy is happening worldwide and it's unstoppable.

The agency predicts that by 2025, renewable energy will surpass coal to become the world's top source of electricity. Wind and solar photovoltaic (PV) power generation are forecast to exceed nuclear power generation in 2025 and 2026, respectively.

Answer: Solar energy is an inexhaustible source of energy produced from sunlight. (a) Many parts (regions) of the country received sunlight on 300 days annually and so it becomes possible to generate 20 MW solar energy per square kilometer in such areas.

The Indian power sector has been experiencing significant growth, but with the awareness that this growth is cyclical and could eventually come to an end, said brokerage Bernstein in a recent report.