Hon’ble members of the Union Cabinet, Your Excellencies, Ambassadors, distinguished CEOs, respected guests, other dignitaries, ladies and gentlemen,
Greetings to all who have gathered here at Yashobhoomi from across the country and the world for India Energy Week! You are not just participants in this Energy Week but integral parts of Bharat’s energy ambitions. I extend a warm welcome to all of you and especially to the guests who have come from abroad.
Friends,
Every expert in the world today is saying that the 21st century belongs to Bharat. Bharat is driving not just its own growth but the growth of the world as well, and our energy sector plays a significant role in this. Bharat’s energy ambitions stand on five pillars: We have resources that we are harnessing. Second, we are encouraging our brilliant minds to innovate. Third, we possess economic strength and political stability. Fourth, Bharat’s strategic geography makes energy trade more attractive and easier. And fifth, Bharat is committed to global sustainability. These factors are opening up new opportunities in Bharat’s energy sector.
Friends,
The next two decades are crucial for a ‘Viksit Bharat’ (Developed India), and in the next five years, we will cross many significant milestones. Many of our energy goals are aligned with the 2030 deadline. By 2030, we aim to add 500 gigawatts of renewable energy capacity. The Indian Railways has set a target of achieving net-zero carbon emissions by 2030. Our goal is to produce five million metric tons of green hydrogen annually by 2030. These targets may seem ambitious, but Bharat’s achievements over the past decade give us confidence that we will accomplish them.
Friends,
Over the last 10 years, Bharat has transformed from the tenth-largest to the fifth-largest economy. In this period, we have increased our solar energy generation capacity by 32 times. Today, Bharat is the third-largest solar power-generating nation in the world. Our non-fossil fuel energy capacity has tripled. Bharat was the first G20 country to meet the Paris Agreement goals ahead of schedule. One example of how Bharat achieves its goals ahead of time is ethanol blending. Bharat is currently blending 19 percent ethanol, which has led to foreign exchange savings, substantial revenue generation for farmers, and a significant reduction in CO2 emissions. We are on track to achieve a 20 percent ethanol mandate before October 2025. Bharat’s biofuels industry is poised for rapid growth. We have a sustainable feedstock capacity of 500 million metric tons. Under India's G20 presidency, the Global Biofuels Alliance was established and continues to expand, with 28 nations and 12 international organizations joining. This initiative is transforming waste into wealth and establishing Centres of Excellence.
Friends,
Bharat is continuously implementing reforms to fully explore the potential of its hydrocarbon resources. Due to major discoveries and the extensive expansion of gas infrastructure, our gas sector is expanding. This has increased the share of natural gas in our energy mix. Currently, Bharat is the fourth-largest refining hub and is working to increase its refining capacity by 20 percent.
Friends,
Our sedimentary basins hold numerous hydrocarbon resources. While many have already been identified, several remain unexplored. To make Bharat’s upstream sector more attractive, the government has introduced the Open Acreage Licensing Policy (OALP). Whether it's opening the Exclusive Economic Zone or establishing a single-window clearance system, the government has provided comprehensive support to this sector. Following amendments to the Oilfields Regulation & Development Act, stakeholders now benefit from policy stability, extended leases, and improved financial terms. These reforms by the government will simplify the exploration and production of oil and gas resources in marine areas, as well as the maintenance of strategic petroleum reserves.
Friends,
Due to numerous discoveries and the expanding pipeline infrastructure in Bharat, the supply of natural gas is increasing. As a result, the use of natural gas is also set to grow in the coming years, creating numerous investment opportunities for you in this sector.
Friends,
Bharat is currently placing a strong emphasis on Make in India and strengthening local supply chains. There are vast opportunities for manufacturing various types of hardware, including PV modules, in Bharat. We are actively supporting local manufacturing. In the past decade, Bharat’s solar PV module manufacturing capacity has grown from 2 GW to around 70 GW. The Production-Linked Incentive (PLI) scheme has made this sector even more attractive, boosting the manufacturing of high-efficiency solar PV modules.
Friends,
There are immense opportunities for both innovation and manufacturing in the battery and storage capacity sector. Bharat is rapidly moving toward electric mobility. To meet the demand of such a large country, we need to accelerate efforts in battery production and storage capacity. Therefore, this year's budget includes several announcements to support green energy. The government has removed basic customs duties on various components related to EV and mobile phone battery manufacturing, including cobalt powder, lithium-ion battery waste, lead, and zinc, among other critical minerals. The National Critical Minerals Mission will play a key role in establishing a robust supply chain in Bharat. Additionally, we are promoting the development of a non-lithium battery ecosystem. This year's budget has also opened up the nuclear energy sector. Every investment in energy is creating new job opportunities for young people and generating green jobs.
Friends,
To strengthen Bharat’s energy sector, we are empowering it with the power of the people. We have made ordinary families and farmers energy providers. Last year, we launched the PM Suryagarh Muft Bijli Yojana. The scope of this scheme goes beyond just energy production. It is fostering new skills in the solar sector, creating a new service ecosystem, and increasing investment opportunities for you.
Friends,
Bharat is committed to providing energy solutions that energize our growth while enriching our nature. I am confident that this Energy Week will lead to concrete pathways in this direction. I hope that all of you will explore every opportunity emerging in Bharat. Wishing you all the very best.
Thank you.
