India’s Prime Minister Narendra Modi invited foreign investors to look into investment prospects in the country’s energy industry on Monday, claiming it is now the most advantageous place.
Modi, in his opening remarks at the Indian Energy week 2023, declared that the current and next year’s Budget had allocated 10 lakh crore for capital investment, which will strengthen the green hydrogen, solar power, and road sectors.
“I ask you to explore all opportunities connected with India’s energy sector. India is the most opportune place for investment today,” he made this statement at India Energy Week, attended by numerous ministers, business executives, and specialists from other nations.
At the most recent G20 summit, India said it would achieve net zero emissions by 2070. The prime minister also remembered several government-led measures to advance energy and achieve this goal.
At the same time, the Covid-19 Pandemic and the ongoing conflict in Ukraine pose threats to global energy security.
Recently, India has had outstanding achievements in terms of green energy initiatives. Meanwhile, According to Modi, the government has reduced the area that cannot be used for oil and gas development to 10 lakh square kilometres, opening up new investment prospects.