Modi States India’s Energy Sector Holds USD500B Investment Opportunities
“The energy sector lies at the center of the nation’s aspirations,” he said, highlighting the critical role of energy in India’s development. Modi noted that India ranks among the top five global exporters of petroleum products, supplying more than 150 countries worldwide.
“India is riding on the Reforms Express and undertaking rapid reforms across every sector,” he added. The government has opened up the exploration sector and is actively supporting a deep-sea exploration initiative called the Samudra Manthan Mission.
By the end of the decade, India aims to channel $100 billion into the oil and gas sector and expand exploration coverage to 621,000 square miles. More than 170 blocks have already been awarded, with the Andaman and Nicobar basin emerging as a promising new hydrocarbon region.
Modi also emphasized India’s position in refining, ranking second globally with an annual capacity of approximately 260 million metric tons (MMT). The country aims to increase this capacity to 300 MMT per year.
As stated by reports, India and Russia have reaffirmed their commitment to deepen trade and investment collaboration in the Far East and the Arctic, with programs encompassing both energy and mining sectors.
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