PM Modi's I-Day speech: India working on self reliance in energy sector

Business Standard

3 days ago

Prime Minister Narendra Modi on Friday said India is working with commitment to achieve self-reliance across many areas within the energy sector, including the launch of a new National Deepwater Mission for oil and gas exploration and production, scouting in new areas for critical minerals, rapidly expanding solar and hydro power capacity, and opening up the nuclear energy sector for private players.
'Apart from semiconductors, the energy sector is the second very good example of areas where India is taking big steps to achieve self-reliance,' Modi said in his Independence Day address from the Red Fort in Delhi. He said the country is dependent on many nations for costly oil and gas imports and that the money could instead be used to fight poverty and support farmers.
Modi announced that India has already achieved its 2030 target of sourcing 50 per cent of its energy capacity from clean resources, five years ahead of schedule. 'In the past 11 years, solar power capacity has grown 30 times. Significant investment is being made under the National Green Hydrogen Mission too,' he said.
He added that India is taking crucial steps to boost nuclear energy, including setting up 10 new reactors, with the target of increasing nuclear power generation capacity tenfold by 2047. 'We are taking many steps for reform in the crucial area of nuclear energy. Doors have been opened for the private sector for entry in the nuclear power sector,' he said.
Modi said the country is working towards energy self-reliance through 'samudra manthan' as it scouts for oil and gas reserves in mission mode. 'The world has also become very alert on critical minerals and people have understood their importance in areas like defence and economic growth. So, we have launched a National Critical Minerals Mission under which we are exploring for minerals across many areas,' he said.
The Prime Minister also urged the youth to make the best use of incentives under the National Biofuel Policy to set up clean energy projects. He said India will not allow misuse of the Indus Water Treaty by Pakistan to deprive Indian farmers of irrigation water.