Prime Minister Narendra Modi on Tuesday said India has emerged as a land of immense opportunities for the global energy sector, positioning itself not just for energy security but for full energy independence. He was addressing the inaugural ceremony of India Energy Week (IEW) 2026 via video conferencing.
Welcoming delegates from nearly 125 countries gathered in Goa, the Prime Minister said India Energy Week has, in a short span, become a key global platform for dialogue and action on building a secure and sustainable energy future.
Highlighting India’s economic momentum, PM Modi noted that as the world’s fastest-growing major economy, India’s energy demand is rising rapidly, creating strong opportunities for global partnerships. He pointed out that India is among the top five exporters of petroleum products, supplying to over 150 countries, and said this capacity would benefit global energy markets.
Referring to a major development, the Prime Minister said the India–European Union Free Trade Agreement, signed a day earlier, has been described globally as the “mother of all deals.” He said the agreement, covering nearly 25% of global GDP and about one-third of global trade, is a remarkable example of coordination between two of the world’s largest economies. Beyond trade, he said, the deal reinforces shared democratic values and the rule of law.
PM Modi added that the EU FTA will complement India’s agreements with the UK and EFTA, strengthening global supply chains and boosting investor confidence. He said the agreement would significantly benefit manufacturing and services, particularly sectors such as textiles, gems and jewellery, leather, and footwear, and congratulated India’s youth and citizens on the achievement.
Focusing on the energy sector, the Prime Minister said India offers vast investment opportunities across the entire energy value chain. He highlighted reforms in the exploration sector, including the opening up of acreage and reduction of No-Go areas, and referred to the Samudra Manthan deep-sea exploration mission. India aims to attract $100 billion in oil and gas investments by the end of the decade, expand exploration to one million square kilometres, and has already awarded more than 170 blocks, with the Andaman and Nicobar basin emerging as a new hydrocarbon frontier.
PM Modi said India’s large refining capacity—currently around 260 million metric tonnes per annum (MMTPA)—is another major strength, with plans underway to increase it beyond 300 MMTPA, positioning India to become the world’s leading refining hub.
On natural gas, he said India is targeting 15% of its energy demand from LNG, creating opportunities across LNG transportation, terminal development, regasification, pipeline infrastructure, and city gas distribution. He also highlighted a ₹70,000 crore shipbuilding programme aimed at supporting domestic LNG transport vessels.
Noting the growing demand for petrochemicals driven by India’s population and economic growth, the Prime Minister said investments in downstream and petrochemical infrastructure would deliver strong returns.
“Today’s India is riding on the Reforms Express,” PM Modi said, adding that rapid reforms are creating a transparent, investor-friendly ecosystem. He emphasized that India is moving beyond energy security towards energy independence, with an ecosystem capable of meeting domestic demand while remaining globally competitive.
Concluding his address, the Prime Minister said India’s energy sector is central to national aspirations and offers $500 billion in investment opportunities, calling on the global community to “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 were among the dignitaries present at the event.
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