New Delhi: Petroleum and Natural Gas Minister Hardeep Singh Puri said that India has saved $19.30 billion in foreign exchange over the last decade through ethanol blending in petrol. During the same period, farmers received direct payments worth $15 billion, highlighting the dual benefit of the policy for both the economy and the agricultural sector.
Speaking at the inauguration of the 4th India Energy Week 2026 in Goa, the minister explained India’s approach to balancing clean energy goals with economic security. He said the country is making steady progress toward its compressed biogas targets as part of a broader push for bio-energy.
Puri noted that while renewable energy sources are growing rapidly—rising from one-fifth to nearly one-third of global power generation—conventional energy sources will continue to play an important role in meeting rising energy demand. He emphasized that although renewable and alternative energy are expanding fast, traditional energy will remain essential for the foreseeable future.
Discussing India’s future energy needs, the minister said that by 2050, India’s share in global energy demand is expected to increase by around 30–35 percent, accounting for nearly 10 percent of total global energy consumption. To meet this demand, the government is expanding energy capacity, including plans to raise nuclear power capacity to 100 gigawatts by 2047.
Energy consultancy Wood Mackenzie stated that India will need annual investments of around $145 billion in its energy sector to sustain economic growth while narrowing the gap toward its net-zero carbon goals. Speaking at India Energy Week 2026, Joshua Ng, Vice Chairman for Asia-Pacific at Wood Mackenzie, said these investments should focus on power generation, energy storage, and urgent grid upgrades.
Prime Minister Narendra Modi also highlighted the massive investment potential in India’s energy sector, estimating opportunities worth $500 billion as the country accelerates reforms and moves from energy security toward energy independence. Addressing the event via video conference, he said the government aims to attract $100 billion in upstream investments by the end of the decade after opening nearly one million square kilometers for oil and gas exploration.
The Prime Minister added that India is working to become one of the world’s largest oil refining hubs in the downstream sector. He also reiterated the goal of increasing the share of natural gas in India’s energy mix to over 15 percent by 2030, which is expected to create major investment opportunities in LNG infrastructure and gas pipelines.
