PM Modi highlights $500 billion investment potential in energy sector at India Energy Week 2026

Prime Minister Narendra Modi on Tuesday said that India has emerged as a land of immense opportunities for the global energy sector, underlining that the country is moving beyond energy security towards the larger goal of energy independence.

Addressing the inaugural ceremony of India Energy Week 2026 via video conferencing, the Prime Minister noted that representatives from nearly 125 countries have gathered in Goa to deliberate on building an energy-secure and sustainable future. He said the event has, within a short span, evolved into a major global platform for dialogue and action in the energy sector.

Highlighting India’s rapid economic growth, PM Modi said the country’s rising energy demand also presents opportunities to meet global requirements. He pointed out that India is among the top five exporters of petroleum products, supplying to over 150 countries, and added that this capability would benefit international partners seeking reliable energy solutions.

The Prime Minister described the upcoming India-European Union Free Trade Agreement as a historic milestone that is being hailed globally as the “mother of all deals.” He said the agreement will reflect exceptional coordination between two of the world’s largest economies and it will represent nearly 25 per cent of global GDP and about one-third of global trade.

PM Modi said the FTA would complement India’s recent trade agreements with the UK and EFTA countries, strengthening global supply chains. He noted that the agreement would boost manufacturing and expand the services sector, while enhancing investor confidence in India. The Prime Minister extended congratulations to India’s youth and stakeholders in sectors such as textiles, gems and jewellery, leather, and footwear, which are expected to benefit significantly from the deal.

Emphasising India’s openness to global partnerships, PM Modi said the energy sector alone offers vast opportunities across the entire value chain. He highlighted reforms in the exploration sector and referred to the Samudra Manthan Mission, India’s deep-sea exploration initiative. By the end of the decade, India aims to attract $100 billion in investments in oil and gas exploration and expand exploration coverage to one million square kilometres.

He said over 170 exploration blocks have already been awarded, with the Andaman and Nicobar basin emerging as a promising hydrocarbon region. Reforms such as the reduction of No-Go areas and regulatory changes, incorporating feedback from previous Energy Week editions, have made the sector more investor-friendly, he added.

The Prime Minister highlighted India’s strong refining capabilities, noting that the country currently ranks second globally and is on track to become the world’s largest refining hub. India’s refining capacity of around 260 million metric tonnes per annum is expected to cross 300 MMTPA in the near future.

On liquefied natural gas (LNG), PM Modi said India aims to meet 15 per cent of its energy demand through LNG and is investing across the entire value chain. He referred to a ₹70,000-crore shipbuilding programme to support domestic LNG transportation, along with new LNG terminals, regasification facilities, pipelines, and expanding city gas distribution networks.

He also pointed to rising demand for petrochemicals, driven by India’s large population and growing economy, creating significant investment opportunities in downstream infrastructure.

Stressing that India is undertaking rapid reforms across sectors, PM Modi said the country is building a transparent and investor-friendly energy ecosystem. “India is now moving beyond energy security towards the mission of energy independence,” he said, adding that affordable refining and transportation solutions would make Indian energy exports globally competitive.

The Prime Minister said India’s energy sector lies at the heart of the country’s development ambitions and offers investment opportunities worth $500 billion. He concluded with a call to global investors: “Make in India, Innovate in India, Scale with India, Invest in India.”

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Goa Chief Minister Pramod Sawant, among other dignitaries, were present at the event.