Goa: India is the world’s fastest-growing economy, and the demand for energy products is rising steadily, Prime Minister Narendra Modi said on Monday, while addressing the inauguration of India Energy Week 2026 via video conferencing.
At the same time, the country offers growing opportunities to meet global energy demand, Modi noted.
Addressing an international audience in Goa, Modi said representatives from nearly 125 countries had gathered to discuss an energy-secure and sustainable future. He welcomed the participants and described the event as a growing global platform for dialogue and cooperation.
The PM further said India Energy Week has quickly evolved into an important forum for governments, investors, and industry leaders. He added that India’s expanding economy is creating strong demand for energy while also positioning the country as a reliable supplier to global markets.
Modi noted that India is among the top five exporters of petroleum products, supplying energy to more than 150 countries. He said this capability presents significant opportunities for global partnerships and long-term collaboration.
Highlighting a recent development, Modi referred to the India–EU free trade agreement, which he said has attracted global attention. He described the deal as a major step that would strengthen trade, manufacturing, and services while reinforcing supply chains. According to him, the agreement also reflects shared democratic values and confidence betweenthe two major economic blocs.
Turning to the energy sector, Modi said India has opened large parts of its oil and gas exploration space. He highlighted deep-sea exploration under the Samudra Manthan Mission and said India aims to attract USD100 billion in oil and gas investment by the end of the decade. Exploration activity, he added, is expanding rapidly, with the Andaman and Nicobar basin emerging as a key area.
During his speech, Modi pointed to India’s strong refining base. He said the country currently ranks second globally in refining capacity and is moving towards the top position. India’s refining capacity, he noted, is expected to cross 300 million tonnes per annum in the coming years.
He noted that LNG demand in India continues to grow. He highlighted investments across the LNG value chain, including pipelines, city gas distribution networks, and domestic shipbuilding for LNG transport. He said these areas offer substantial opportunities for investors.
With population growth and rising consumption, Modi said demand for petrochemical products will continue to increase. He added that downstream energy infrastructure will play a critical role in meeting future needs.
