Greetings.
My colleagues in the Union Cabinet, the Chief Minister of Goa, other ministers, Ambassadors, CEOs, distinguished guests, other dignitaries, ladies and gentlemen!
In this new edition of Energy Week, representatives from about 125 countries of the world have gathered in Goa. You have come to India to discuss an energy-secure and sustainable future. I welcome you all and greet you.
Friends,
In a very short time, India Energy Week has emerged as a global platform for dialogue and action. Today, India is a land of huge opportunities for the energy sector. India is the world's fastest-growing major economy. That is, the demand for energy products is constantly increasing in our country. Apart from this, India also provides excellent opportunities to meet the world's demand. Today, we are one of the top 5 exporters of petroleum products in the world. We have export coverage to more than 150 countries of the world. And this capability of India is going to be of great use to you. Therefore, this platform of Energy Week is an excellent place to explore our partnerships. I give my best wishes to all of you.
Friends,
Before putting my point forward, I would like to discuss a big development. Just yesterday, a very big agreement has taken place between India and the European Union. People in the world are discussing it as the 'Mother of all deals'. This agreement has brought huge opportunities for the 140 crore people of India and crores of people in European countries. This has become a wonderful example of synergy between two major economies of the world. This agreement represents about 25% of global GDP and about one-third of global trade. Along with trade, this agreement also strengthens our shared commitment toward democracy and the rule of law.
Friends,
This Free Trade Agreement with the EU will also complement the UK and EFTA agreements. This will provide strength to both trade and global supply chains. I heartily congratulate the youth of India and all the countrymen for this. I also congratulate the colleagues associated with every sector like textiles, gems and jewelry, leather and shoes. This agreement will prove to be very helpful for you.
Friends,
This trade deal will not only give strength to manufacturing in India but will also further expand the sectors associated with services. This Free Trade Agreement will further strengthen the confidence in India for every business and every investor in the world.
Friends,
Today, India is working extensively on global partnerships in every sector. If I discuss the energy sector itself, there are huge investment possibilities here in different areas related to the energy value chain. Take the field of exploration itself. India has opened up its exploration sector significantly. You are also aware of the Samudrayaan Mission related to our deep-sea exploration. We are striving to take investment in our oil and gas sector to 100 billion dollars by the end of this decade. Our target is also to expand the scope of exploration to one million square kilometers. With this thinking, more than 170 blocks have already been awarded here. The Andaman Nicobar basin is also becoming our next hydrocarbon hope.
Friends,
We have also carried out many reforms in the exploration sector. No-go areas have been significantly reduced. Based on the suggestions you had in the previous editions of India Energy Week, whatever you said, we have also made changes in our acts and rules accordingly. If you invest in the exploration sector, your company's profitability is certain to increase.
Friends,
There is another specialty of India, which makes investment in the energy sector very profitable. We have a very large refining capacity. We are in second place in the world in terms of refining capacity. Soon we will be at number one in the world. Today, India's refining capacity is about 260 MMTPA. Constant efforts are being made to take it above 300 MMTPA. This is a big advantage for investors.
Friends,
The demand for LNG is also constantly increasing in India. We have set a target to meet 15% of our total energy demand from LNG. Therefore, we need to work on the entire value chain of LNG. Today, India is also working at a very large scale on transportation. The vessels that are needed for LNG transportation, we are working on making them in India itself. Recently, a 70,000 crore rupee program has been started for shipbuilding in India. Along with this, there are many investment possibilities in the construction of terminals at the country's ports for LNG. Large possibilities for you to invest are also arising in projects related to re-gasification.
Friends,
A very large pipeline is now also needed for the transportation of LNG in India. We have invested heavily in this in past years. But there are still possibilities for investment on a very large scale. Today, the city gas distribution network has reached many cities of India, and we are rapidly connecting other cities with it too. City gas distribution is also a very attractive area for your investment.
Friends,
India has such a large population, our economy is constantly growing. In such an India, the demand for petrochemical products is also going to increase constantly. Therefore, we will need a very large energy infrastructure, and in this too, your investment will give you a lot of growth. Apart from all these, there are many opportunities for you for investment in downstream activities in India as well.
Friends,
Today's India is riding on the Reforms Express and is carrying out reforms rapidly in every sector. We are doing reforms to empower domestic hydrocarbons and are creating a transparent and investor-friendly environment for global collaboration. India is now working on the mission of energy independence, moving beyond energy security. India is developing such an energy sector ecosystem that can meet India's local demand and also be very competitive for export to the world with affordable refining and transportation solutions.
Friends,
Our energy sector is at the center of our aspirations. There are investment opportunities of 500 billion dollars in this. Therefore, my call is - Make in India, Innovate in India, Scale with India, Invest in India. With this urge, I give many best wishes to all of you for India Energy Week.
Many many thanks.
