Prime Minister Narendra Modi on Tuesday said India’s energy sector offers investment opportunities worth $500 billion, as the country moves beyond energy security towards the larger goal of energy independence. Addressing the inaugural session of India Energy Week 2026 via video conferencing, the Prime Minister called on global investors to “Make in India, Innovate in India, Scale with India, and Invest in India.”
The Prime Minister noted that representatives from nearly 125 countries have gathered in Goa for the event, which he said has rapidly evolved into a major global platform for dialogue and action aimed at building an energy-secure and sustainable future. He underlined that India’s fast-growing economy and rising energy demand present significant opportunities not only for domestic growth but also to meet global energy requirements.
Highlighting India’s role in global energy markets, PM Modi said the country is among the top five exporters of petroleum products, supplying over 150 countries, and stressed that this capability positions India as a reliable energy partner for the world. He added that affordable refining and transportation solutions would further enhance the global competitiveness of Indian energy exports.
Referring to global trade and economic cooperation, the Prime Minister described the proposed India–European Union Free Trade Agreement as a historic milestone, terming it the “mother of all deals.” He said the agreement would represent nearly 25 per cent of global GDP and about one-third of global trade, reflecting strong coordination between two of the world’s largest economies. The FTA, he added, would complement India’s recent trade agreements with the UK and EFTA countries, strengthen global supply chains, boost manufacturing, expand services, and enhance investor confidence. He also said sectors such as textiles, gems and jewellery, leather, and footwear, along with India’s youth, would benefit significantly.
Emphasising India’s openness to global partnerships, PM Modi said the energy sector offers vast opportunities across the entire value chain. He highlighted reforms in oil and gas exploration and cited 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. Over 170 exploration blocks have already been awarded, with the Andaman and Nicobar basin emerging as a promising hydrocarbon region. He added that reforms such as reducing No-Go areas and regulatory changes, incorporating feedback from previous India Energy Week editions, have made the sector more investor-friendly.
The Prime Minister also underscored 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 exceed 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, alongside investments in new LNG terminals, regasification facilities, pipelines, and the expansion of city gas distribution networks. He also highlighted growing demand for petrochemicals, driven by India’s large population and expanding economy, which is creating substantial opportunities in downstream infrastructure.
Stressing ongoing reforms, the Prime Minister said India is building a transparent and investor-friendly energy ecosystem. He reiterated that the energy sector is central to India’s development ambitions and global engagement.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri and Goa Chief Minister Pramod Sawant, along with other dignitaries, were present at the event.
