Prime Minister Narendra Modi addresses the inaugural ceremony of India Energy Week 2026 via video conferencing
Today, India is a land of immense opportunities for the energy sector, says PM
India–European Union (EU) Free Trade Agreement (FTA) is a remarkable example of coordination between two of the world’s largest economies: PM
India is now moving beyond energy security towards the mission of energy independence, says Prime Minister Narendra Modi
He also highlighted that Make in India, Innovate in India, Scale with India, Invest in India etc are very very important in the growth journey of India
Panaji / New Delhi, NFAPost: Prime Minister Narendra Modi addressed a gathering during the inauguration ceremony of India Energy Week 2026 via video conferencing on Tuesday. Speaking on the occasion, Narendra Modi remarked that in this new edition of Energy Week, representatives from nearly 125 countries have gathered in Goa. He highlighted that they have come to India to discuss an energy-secure and sustainable future and welcomed all the participants.
Highlighting that India Energy Week has, in a very short span of time, emerged as a global platform for dialogue and action, Prime Minister remarked that today India is a land of immense opportunities for the energy sector.
“I underline the fact that India is the world’s fastest growing economy, which means the demand for energy products in the country is continuously rising. India also offers excellent opportunities to meet global demand,” said Prime Minister Narendra Modi.
Narendra Modi noted that India is among the top five exporters of petroleum products in the world, with export coverage extending to more than 150 countries and actively working on global partnerships across every sector. He stated that this capacity of India will be of great benefit to all. He further stressed that the Energy Week platform is an excellent place to explore partnerships and extended his best wishes to all participants.
“The energy sector alone provides vast investment opportunities across different areas of the energy value chain. India has significantly opened up its exploration sector and referred to the deep-sea exploration initiative known as the Samudra Manthan Mission. By the end of this decade, India aims to raise investments in the oil and gas sector to 100 billion dollars, with a target of expanding the scope of exploration to one million square kilometers,” said Prime Minister Narendra Modi.
Narendra Modi noted that more than 170 blocks have already been awarded, and the Andaman and Nicobar basin is emerging as the next hydrocarbon hope. He made this exploration capacity in the context of Samudra Manthan vision, announced in August 2025, is a strategic national initiative aimed at unlocking the vast, untapped resources, energy, and minerals (such as cobalt, nickel, and manganese) hidden beneath the Indian Ocean.
Prime Minister stated that before moving ahead with his remarks, he wished to highlight a major development. He noted that just on Monday, a significant agreement was signed between India and the European Union, which people across the world are calling the “mother of all deals.”
“This agreement brings immense opportunities for India’s 140 crore people and millions across European nations. The agreement stands as a remarkable example of coordination between two of the world’s largest economies,” said Prime Minister Narendra Modi.
The Prime Minister highlighted that the agreement represents nearly 25% of global GDP and about one-third of global trade. He remarked that beyond trade, the deal strengthens the shared commitment to democracy and the rule of law.
Narendra Modi pointed out that the free trade agreement with the EU will complement the agreements with Britain and EFTA, thereby reinforcing both trade and global supply chains. He extended warm congratulations to India’s youth and all citizens for this achievement, and also conveyed his best wishes to those engaged in sectors such as textiles, gems and jewellery, leather, and footwear, noting that the agreement will prove highly beneficial for them.
The Prime Minister stressed that this trade deal will not only boost manufacturing in India but also expand the services sector further. He affirmed that the free trade agreement will strengthen global business and investor confidence in India.
Underlining that several reforms have been undertaken in the exploration sector, including reducing the No-Go areas, Narendra Modi added that suggestions received during previous editions of India Energy Week have been incorporated into changes in Acts and Rules. He affirmed that companies investing in the exploration sector are certain to see increased profitability.
Prime Minister Modi highlighted another distinctive strength of India that makes investment in the energy sector highly beneficial. He remarked that India possesses a very large refining capacity and currently ranks second in the world in this regard.
Narendra Modi emphasized that soon India will become the number one country globally in refining capacity. He noted that India’s present refining capacity stands at around 260 MMT per annum, and continuous efforts are underway to raise it beyond 300 MMT per annum. The Prime Minister underlined that this represents a major advantage for investors.
Highlighting that LNG demand in India is continuously rising, and the country has set a target to meet 15% of its total energy demand through LNG, the Prime Minister emphasised the need to work across the entire LNG value chain and noted that India is undertaking large-scale efforts in transportation.
Narendra Modi remarked that India is working to build the vessels required for LNG transportation domestically, supported by a recently launched ship-building program worth seventy thousand crore rupees. He underlined that numerous investment opportunities have been created in constructing LNG terminals at Indian ports, as well as in regasification projects.
The Prime Minister stressed that India requires a vast pipeline network for LNG transportation, where significant investments have already been made, but large-scale opportunities still remain. He pointed out that city gas distribution networks have already reached many Indian cities and are rapidly expanding to others, making this sector highly attractive for investment.
Narendra Modi observed that with India’s large population and steadily growing economy, the demand for petrochemical products will continue to rise, necessitating extensive energy infrastructure. He affirmed that investment in this area will yield substantial growth and added that there are also abundant opportunities in downstream activities for investors.
“Today’s India is riding on the Reforms Express and undertaking rapid reforms across every sector. Reforms are being carried out to strengthen domestic hydrocarbons while creating a transparent and investor-friendly environment for global collaborations,” said Prime Minister Narendra Modi.
The Prime Minister underlined that India is now moving beyond energy security towards the mission of energy independence. He stated that India is developing an energy sector ecosystem capable of meeting local demand and, through affordable refining and transportation solutions, making exports highly competitive for the world.
Narendra Modi concluded his remarks by calling upon the global community with the message: Make in India, Innovate in India, Scale with India, Invest in India. Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, Chief Minister of Goa Pramod Sawant were present among other dignitaries at the event.
