India set to invest around 67 bn over 5-6 yrs, lift refining capacity to 450 MMTPA: Modi

The India Energy Week comes at a pivotal juncture when the initial six months of this fiscal year has seen India's GDP growth rate surge by over 7.5 percent -a figure surpassing global growth estimates -- and the country has emerged as the world's third-largest energy consumer, oil consumer and LPG consumer as well as the fourth-largest importer of LNG, refiner and automobile market globally.

"Presently, India stands as the world's fastest-growing economy, as projected by IMF recently and by experts worldwide who now anticipate the country's ascent to the rank of the third-largest economy in the world. Given its pivotal The role in India's growth narrative, the energy sector's significance is naturally on the rise," Modi noted, highlighting record-breaking sales in both two-wheelers and four-wheelers, alongside a growing demand for electric vehicles (EVS).

"Projections indicate that India's primary energy demand will double by 2045, implying a surge from the current 19 million barrels of oil per day to 38 million barrels by 2045," the Prime Minister said, emphasising the measures to ensure affordable energy access across the nation as indicated by with petrol and diesel prices decreasing over the past two years, despite numerous global factors, and towards achieving 100 percent electricity coverage by providing electricity to crores of homes.