From waste to wealth: Prime Minister Modi’s drive for rural prosperity

Prime Minister Narendra Modi has made ambitious plans to invigorate India’s rural economy through the implementation of Waste to Wealth Management during his speech at India Energy Week 2024. This statement comes at a significant juncture as India’s GDP rate surpassed 7.5 per cent in the first half of the financial year, surpassing global growth estimates and positioning India as the world’s fastest-growing economy. Citing projections from the International Monetary Fund, Prime Minister Modi highlighted expectations for India to soon become the world’s third-largest economy, underlining the expanding role of the energy sector in India’s growth narrative.

India, according to the Prime Minister, stands as the world’s third-largest consumer of energy, oiland LPG, the fourth-largest importer and refiner of LNGand hosts the fourth-largest automobile market. He also pointed out the rising demand for Electric Vehicles (EVs) within the country, alongside estimates suggesting a doubling of India’s energy demand by 2045. Prime Minister Modi elaborated on India’s strategies to meet this surging demand, emphasising efforts to ensure affordable fuel and achieve a substantial increase in the percentage of gas in the primary energy mix. In addition to these measures, Prime Minister Modi highlighted the government’s commitment to fostering a circular economy, rooted in India’s ancient traditions of reuse. He pointed to the Global BioFuel Alliance, initiated during the G20 Summit, as a testament to this commitment, with 22 nations and 12 international organisations joining forces to promote the use of biofuels globally. India’s progress in the biofuel sector was also lauded, with significant increases observed in ethanol blending, contributing to a notable reduction in carbon emissions.

Furthermore, Prime Minister Modi underscored the government’s dedication to transforming rural economies through Waste to Wealth Management, aiming to install 5000 Compressed Biogas Plants across India. He reaffirmed India’s commitment to environmental stewardship, noting that despite housing 17 per cent of the world’s population, India’s share of carbon emissions remains at 4 per cent. Prime Minister Modi reiterated India’s goal to achieve Net Zero Emissions by 2070. The Prime Minister highlighted India’s commendable strides in renewable energy, ranking fourth globally in Renewable Energy Installed Capacity, with 40 percent of the installed capacity sourced from non-fossil fuels. Notably, India’s Solar Energy Installed Capacity has grown by more than 20 times in the past decade, showcasing the nation’s increasing momentum towards solar energy adoption.

Concluding his address, Prime Minister Modi emphasised India’s dedication to global cooperation in the energy sector, encapsulating the spirit of ‘India with the world and India for the world’. He called for collaboration and knowledge sharing to drive sustainable energy development and expressed optimism about building a prosperous and environmentally sustainable future together. The India Energy Week event, attended by various dignitaries including Governor of Goa  P S Sreedharan Pillai, Chief Minister of Goa  Pramod Sawant, Union Minister for Petroleum and Natural Gas  Hardeep Singh Puriand Union Minister of State for Petroleum, Oiland Natural Gas  Rameswar Teli, serves as a testament to India’s commitment to global energy cooperation and sustainable development.