India to invest $ 100 Bn in energy sector by 2024, says PM 

Modi at FII
Prime Minister Narendra Modi while attending FII Forum in Riyadh

Riyadh (NVI): Prime Minister Narendra Modi has said that India seeks to liberalise its energy sector and invest US $ 100 Billion in the country’s gas and oil refinery sector by 2024. 

Addressing the Future Investment Initiative (FII) forum here on October 29, Modi said, “By 2024, we aim to invest US$ 100 Billion in refining, pipelines, gas terminals,” and hailed Saudi Arabia’s largest oil refinery stating, “I am happy that Saudi Aramco has decided to invest in West Coast Refinery Project – which will be the largest refinery of Asia.” 

Emphasising that the country aims to be a $5 trillion economy in the next five years, Modi said, “India offers a huge investment opportunity in the infrastructure sector.” 

Hailing startup initiative, he said, “India has become the world’s third-largest start-up ecosystem. Even in tier two and three cities of India startups have come up. Our start-ups have started investing at global scale. I invite global investors to benefit from our start-up ecosystem.” 

“Under the Skill India initiative, in the coming three to four years, 400 million people will be trained under different skills. This will provide assured skilled manpower to companies investing in India,” he added. 

He said the aim of this forum is not only to discuss the economic system here but also to understand the rising trends of the world and look for ways aimed at global welfare.

Highlighting the emerging importance of the smallest countries, he said, “We will have to take a step towards strengthening this multi-polar world and think what contribution are we making for the welfare of the mankind.” 

“The world has changed, it is multi-polar today. All countries are interdependent, interconnected in today’s time. The manner in which the world was viewed three to four decades back has changed. We will have to change our thinking,” he added. 

“Our relations with Saudi Arabia is several years old. Our ancient relations has built a strong foundation for our strategic partnership,” he said.

In a bid to enhance bilateral relations between India and Saudi Arabia, Prime Minister Narendra Modi had embarked two-day visit to Saudi Arabia from October 28-29.

–PS