Prime Minister Narendra Modi on Monday urged global investors to explore investment opportunities in the country's energy sector. "India is the most opportune place at present," said PM Modi while addressing the India Energy Week in Bengaluru on Monday.
"I ask you to explore all opportunities connected with India's energy sector," he said. Modi also recalled the initiatives taken by the government to promote green energy and make India net zero by 2070. The budget 2023-24 has provided Rs 35,000 crore to the petroleum and natural gas ministry for achieving the net-zero target.
Modi also noted that India Energy Week 2023 is the first major event of G20 under India's presidency.
“Due to the government activities many people who were in poverty has achieved the status of middle-class.
India has become the second-largest producer of mobile phones and the fourth-largest crude refiner in the world, said PM. India is working on expanding its refining capacity from 250 MMTPA to 450 MMPTA, he added.
He also informed that India's gas pipeline network will expand to 35,000 km in the next four-five years from 22,000 km presently. In order to attract more investment opportunities, the government has reduced the no-go area for oil and gas exploration to 10 lakh square kilometres, said Modi.
The E20 fuel, a blend of 20 per cent ethanol with petrol, was also launched by Modi that will be available in select petrol pumps in 11 states and union territories. On 20 per cent ethanol blending with petrol, he said India is moving towards achieving the target.
As of now 10 per cent ethanol is blended in petrol, while the government is looking to double this quantity by 2025, said Modi.
In the first phase, 15 cities will be covered and in the next two years it will be expanded throughout the country. "We have increased ethanol blending in petrol from 1.5 per cent (in 2014) to 10 per cent and are now progressing towards 20 per cent blending," Modi said.
To provide a new dimension to cooking in India, Solar cook tops was also launched.
"We have increased ethanol blending in petrol from 1.5 per cent (in 2014) to 10 per cent and are now progressing towards 20 per cent blending," Modi said.
India saved as much as Rs 53,894 crore in forex outgo from 10 per cent blending besides benefiting the farmers.
Chopper plant
Another major project launched by the PM is the greenfield helicopter production facility at Tumakuru where light utility helicopters (LUHs) will be manufactured. The foundation stone of the facility was laid by the prime minister in 2016.
The factory, billed India's largest at 615 acres, will be an one-stop solution for the country's chopper requirements.
The plan is to produce over 1,000 helicopters in the range of three to 15 tonnes, with a total business of more than Rs 4 lakh crore over a period of 20 years. The facility will be augmented to produce other helicopters such as light combat helicopters (LCHs) and Indian multirole helicopters (IMRHs). It will also be used for the maintenance, repair and overhaul of LCHs, LUHs, civil advanced light helicopters (ALHs) and IMRHs in the future, the officials said.
"In yet another step towards 'Aatmanirbharta' in defence, Prime Minister Narendra Modi will dedicate to the nation a helicopter factory of the HAL in Tumakuru, Karnataka on February 6," the defence ministry said in a statement.
