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Time of India
04-06-2025
- Business
- Time of India
PM Modi highlights 11 years of transformative reforms in energy sector
New Delhi: Prime Minister Narendra Modi on Wednesday highlighted the transformative reforms in the renewable energy sector and the strong push for clean and affordable energy in the hydrocarbon sector in India over the last 11 years. The reforms have been elaborated in two separate articles written by Minister for New & Renewable Energy Pralhad Joshi and Minister of Petroleum and Natural Gas Hardeep Singh Puri, respectively. Responding to the article written by Pralhad Joshi, the Prime Minister's Office posted on X: "Union Minister Pralhad Joshi highlights 11 transformative reforms in the renewable energy sector over the last 11 years - Have a read!" Joshi has stated that India stands as one of the world's foremost clean energy leaders, ranked third in solar energy, fourth in wind power, and fourth in total renewable energy capacity. With over 232 GW of renewable capacity installed and another 176 GW under construction, we are not just meeting our energy needs but actively shaping the global discourse on energy transition. This progress is the outcome of bold reforms, timely decisions, and a clear long-term vision pursued consistently under the leadership of Prime Minister Narendra Modi over the past 11 years. He had a clear vision to build a robust renewable energy ecosystem, and even as the Gujarat chief minister, he had pioneered large-scale solar projects long before clean energy became a global priority, Joshi explained. But to appreciate the scale of this transformation, we must remember where we began. In 2014, India's power sector was in deep crisis. Electricity shortages were chronic. The double grid failure in 2012, first impacting the Northern Region with 36,000 MW of load loss and subsequently causing the collapse of the Northern, Eastern, and North-Eastern grids affecting 48,000 MW, is still fresh in our memory, Joshi added. PM Modi also shared an article written by Union Minister Hardeep Singh Puri on India's energy sector. Responding to the article, the Prime Minister's Office posted on X: "In the last 11 years, India's energy sector has undergone a structural transformation with a strong push for affordable and clean energy through reforms, green initiatives, and focus on self-reliance. Do read this insightful article by Union Minister Hardeep Singh Puri." "India has shrugged off the lethargy and paralysis of the 'lost decade' and has scripted an unprecedented growth story under the visionary leadership of Prime Minister Narendra Modi which not just saw the India Growth Story resonate across the world but also saw us overtaking Japan to become the world's fourth largest economy," Puri stated in his article. India has not only become the world's fastest-growing major economy but is also a strategic force. The energy sector, integral to this rise, has undergone a structural transformation during the first year of Modi 3.0, building on 10 years of foundational change, the minister further stated. India is now the third-largest energy and oil consumer with more than six crore consumers visiting filling stations, the fourth-largest refiner, and the fourth-largest LNG importer globally. With energy demand expected to grow two and a half times by 2047 and 25 per cent of incremental global demand set to come from India, the road map is clear, he added. Our quest for energy security is being aided by a focus on E&P through the new law and our journey towards green energy transition. Our energy strategy revolves around successfully navigating the trilemma of energy availability, affordability and sustainability, which we have been successfully achieving even as the world deals with one geopolitical crisis after another. Eleven remarkable years into PM's transformative reforms, India's energy sector is no longer defined by anxiety. It is now marked by confidence, Aatmanirbharta and strategic foresight under his visionary, firm and decisive leadership, Puri added. --IANS sps/dpb
Arab News
01-03-2025
- Business
- Arab News
‘India-Saudi Arabia Investment Connect' gets good response
The Indian Consulate in Jeddah organized a one-day 'India-Saudi Arabia Investment Connect' event at the Park Hyatt on Tuesday, Feb. 25. The main purpose was to provide valuable insights into the business and investment landscape of India by sharing information about the enormous opportunities for untapped trade and investment in the country. Consul General Fahad Ahmed Khan Suri made the opening remarks. He welcomed the distinguished guests and highlighted the significance of organizing such an event to strengthen the bilateral economic and commercial ties between India and Saudi Arabia. Indian Ambassador Dr. Suhel Ajaz Khan, in his address delivered virtually, said: 'The scale of India's transformation will shape the future, and deepening our partnership with Saudi Arabia is a win-win for both nations. India's private sector has already realized this latent potential and has invested over $3 billion in Saudi Arabia. And this is only the beginning.' Ahmed Al-Juraiyan, central office director, Ministry of Investment for Saudi Arabia, who was the guest of honor at the event, delivered a special address echoing the sentiments expressed by the Indian ambassador by highlighting the immense potential for cooperation between the two countries and the enormous opportunities for Indian investors in Saudi Arabia. Dr. Jaimini Bhagwati, a former Indian Foreign Service officer, a financial sector and derivatives specialist who has served for over a decade at the World Bank, and who is currently a Distinguished Fellow at the Centre for Social and Economic Progress in New Delhi, delivered the keynote address on the 'India Growth Story' and made a compelling case for 'Investing in India' from a macroeconomic perspective. Manusmriti, Counsellor (Economic and Commerce), Embassy of India in Riyadh; Badri Narayanan and Lakshmikumaran from Lakshmikumaran and Sridharan Attorneys; Vaibhav Kakkar from Saraf and Partners Law Offices, and Neeraj Agarwal from Apex Invest, delivered compelling presentations covering the important aspects pertaining to the investment domain. These included a detailed overview of India-Saudi Arabia economic and commercial partnerships, sectoral investment opportunities in India, delineation of all the technical aspects related to legal and tax regulatory frameworks, mechanisms/routes for foreign direct investment into India, exclusive opportunities for investors in GIFT City, and an overview of the startup ecosystem in India. Kalyana Sivagnanam, Group CEO, Petromin; Balakrishnan, CFO, Abdul Lateef Jameel Motors, and Puneet Kataria, head of real estate, Gulf Islamic Investment, shared their experiences and success stories of investing in India. The conference also featured a specially curated panel discussion on the 'Mechanics of Investing in India — Decoding the Indian Investment Ecosystem.' The panel discussion was moderated by Awaiz Patni, Group CFO, Saudi Bugshan Company, and the panelists were Soham Avlani and Raghav Bahl from Promaft Partners, and L. Badri Narayanan from Lakshmikumaran and Sridharan Attorneys. The panelists focused on the conducive environment for investing in India, based on challenges and risk mitigation strategies, and they also spoke about the operational aspects of investing in India. Various rising startups from India presented their investment pitches at the event and showcased innovative business ideas designed to attract potential investors. The event was well attended by prominent Saudi businessmen and financial advisers from major business houses in Jeddah and by the friends of India in Saudi Arabia. The event is part of the series of trade and investment promotion initiatives that are being scheduled by the consulate.
