New Delhi: Prime Minister Narendra Modi on Tuesday addressed the inaugural ceremony of India Energy Week 2026 via video conferencing, presenting India as a fast-expanding global hub for energy investment, trade and innovation.

Addressing delegates from nearly 125 countries gathered in Goa, the Prime Minister said India Energy Week had quickly grown into a global platform for dialogue and action. He said, “Today, India is a land of immense opportunities for the energy sector,” adding that India’s position as the world’s fastest-growing major economy is driving a continuous rise in energy demand. At the same time, India is well placed to meet global needs, with petroleum product exports reaching over 150 countries and placing the country among the top five exporters worldwide.

During his address, the Prime Minister drew attention to the recently signed India–European Union free trade agreement, calling it a major milestone in global economic cooperation. He said the agreement is being described globally as the “mother of all deals” and noted that it represents nearly 25 percent of global GDP and around one-third of global trade. According to him, “India–EU FTA is a remarkable example of coordination between two of the world’s largest economies.” He added that the agreement would strengthen manufacturing, expand the services sector and boost investor confidence, while also benefiting sectors such as textiles, gems and jewellery, leather and footwear.

The Prime Minister said the EU agreement would complement trade deals with Britain and EFTA, helping strengthen global supply chains. Beyond trade, he said the agreement reinforces shared values of democracy and the rule of law.

Turning to the energy sector, Modi highlighted large-scale investment opportunities across the entire value chain. He said India has opened up its exploration sector significantly and is advancing deep-sea exploration under the Samudra Manthan Mission. By the end of the decade, India aims to attract 100 billion dollars in oil and gas investments and expand exploration to one million square kilometres. More than 170 blocks have already been awarded, with the Andaman and Nicobar basin emerging as a major focus area.

He said reforms in exploration, including a reduction in No-Go areas and changes to Acts and Rules based on industry feedback, are improving profitability for investors.

The Prime Minister also pointed to India’s strong refining base, noting that the country currently ranks second globally in refining capacity and is set to become number one in the near future. India’s refining capacity stands at about 260 million metric tonnes per annum and is being expanded beyond 300 MMT, offering a major advantage for investors.

On natural gas, Modi said LNG demand in India is rising steadily, with a target of meeting 15 percent of total energy demand through LNG. He said efforts are underway across the LNG value chain, including domestic construction of LNG transport vessels under a shipbuilding programme worth ₹70,000 crore. He also highlighted investment opportunities in LNG terminals, regasification projects, pipeline networks and city gas distribution systems, which are expanding rapidly across the country.

With a growing population and economy, the Prime Minister said demand for petrochemicals will continue to increase, creating strong prospects in energy infrastructure and downstream activities.

“Today’s India is riding on the Reforms Express and undertaking rapid reforms across every sector,” Modi said. He added, “India is now moving beyond energy security towards the mission of energy independence,” with an energy ecosystem designed to meet domestic needs while making exports globally competitive.

Concluding his address, the Prime Minister said the energy sector sits at the core of India’s growth ambitions, offering investment opportunities worth 500 billion dollars. He closed with a call to the global community, saying, “Make in India, Innovate in India, Scale with India, Invest in India.”

The event was attended by Petroleum and Natural Gas Minister Hardeep Singh Puri, Goa Chief Minister Pramod Sawant and other dignitaries.

Aparna Vats