With India’s share in global oil demand set to rise from 5 per cent to 11 per cent and demand for natural gas expected to grow five-fold, Prime Minister Narendra Modi said this was an opportunity for global investors to invest in the country’s energy sector. The PM said this while delivering the inaugural address at the India Energy Week (IEW) 2023 being held in Bengaluru.

PM Modi said the Budget for 2023-24 has provided ₹10-lakh crore for capital expenditure, which will give a boost to green hydrogen, solar power and road sectors.

The PM also rolled out E20 fuel at 84 retail outlets of Oil Marketing Companies in 11 States and Union Territories. At present, 10 per cent of ethanol is blended with petrol, and the government is looking to double the quantity of ethanol to 20 per cent in the mix by 2025. IEW 2023 is the first major event of G20 under India’s presidency, the PM noted.

In the first phase, 15 cities will be covered under the E20 fuel project, and in the next two years, it will be expanded throughout the country, Modi added. The Prime Minister also highlighted several measures taken by the government to promote green energy and make India net zero by 2070.

Quoting the International Energy Agency (IEA), he said that India’s energy demands will be at their highest in the present decade, which offers an opportunity for investors and stakeholders in the energy sector.

Later in the day, the PM also inaugurated India’s largest helicopter manufacturing factory of Hindustan Aeronautics Limited (HAL), and unveiled the Light Utility Helicopter in Tumakuru. With the addition of the new facility, HAL plans to produce more than 1,000 helicopters in the range of three to 15 tonnes, with a total business of more than ₹4-lakh crore over a period of 20 years.

The facility will also produce other helicopters, including light combat helicopters (LCHs) and Indian multirole helicopters (IMRHs). Moreover, it will also be used for the maintenance, repair, and overhaul of LCHs, LUHs, advanced light helicopters (ALHs), and IMRHs in the future. The factory is also expected to cater to exports of civil light utility helicopters. With input from agencies