Inaugurating the India Energy Week (IEW) 2026, Prime Minister Narendra Modi made a world call to action, urging global investors to join the energy transition in India. Referring to the huge investment opportunity of $500 billion, the Prime Minister articulated his vision for India to become the global leader in refining and a force to be reckoned with in the production and export of energy.
The $500 Billion Global Invitation
The Prime Minister said that the energy sector is the engine of India’s national aspirations. He also made a direct appeal to the global community to engage with India’s growth story through manufacturing and innovation.
“Our energy sector is at the heart of our aspirations. It offers investment opportunities worth USD 500 billion. Therefore, my appeal is: Make in India, innovate in India, Scale with India, Invest in India,” Prime Minister Narendra Modi stated.
Strategic Expansion in Oil and Gas
India is targeting $100 billion in oil and gas investments by 2030. Key pillars of this expansion include:
- Refining Hub: India currently holds the second-largest refining capacity globally at 260 million tonnes per annum (MTPA), with plans to scale up to 300 MTPA.
- Exploration Scope: The government aims to expand the exploration area to one million square kilometres, having already awarded over 170 blocks.
- New Frontiers: The Prime Minister identified the Andaman and Nicobar basin as the nation’s “next hydrocarbon hope.”
Revolutionizing the LNG Value Chain
To meet its goal of sourcing 15% of total energy demand from LNG, India is aggressively developing its infrastructure. The Prime Minister invited investments in re-gasification projects, LNG ports, and a vast pipeline network. Furthermore, a ₹70,000 crore shipbuilding programme has been launched to manufacture LNG transport vessels domestically.
Reforms and Energy Independence
PM Modi said that India is progressing towards “energy independence” and not just energy security. He also said that the government has minimized the “no-go” areas and has taken investor-friendly reforms to ensure that the new entrants in the exploration business have high profitability.
“India is riding the reforms express and is rapidly implementing reforms in every sector. We are undertaking reforms to strengthen hydrocarbons and create a transparent and investor-friendly environment for global collaborations,” he added.
By creating an ecosystem that meets domestic demand while producing competitive exports, India aims to strengthen its position as one of the world’s top five energy exporters.
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