India’s energy sector offers investment opportunities worth up to $500 billion as the country accelerates efforts to achieve energy independence, Prime Minister Narendra Modi said on Tuesday.
He made the remarks while addressing delegates at the India Energy Week conference, outlining the government’s strategy to expand and modernise energy infrastructure nationwide.
Modi said India was shifting its focus from energy security to full energy independence to meet rising domestic demand.
He highlighted investments in affordable refining capacity, transport infrastructure and natural gas, including plans to domestically build liquefied natural gas (LNG) transport vessels.
The prime minister said India aims to become the world’s top refining hub, as it expands capacity to support economic growth.
India is currently the world’s third-largest energy consumer and a major importer of crude oil.
The government also plans to raise investment opportunities in oil and gas exploration to $100 billion.
This would support efforts to expand the country’s exploration area to about 1 million square kilometres, boosting domestic production and reducing reliance on imports.