PM Modi inaugurates IEW 2026; announces ‘significant’ India-EU trade development

New Delhi, Jan 27 (IANS/WISHAVWARTA):- Prime Minister Narendra Modi inaugurated the fourth edition of India Energy Week (IEW) 2026 conclave virtually on Tuesday and hailed the India-EU Free Trade Agreement as “Mother of all deals” and an “excellent example of synergy” between two of the world’s largest economies.

Addressing the delegates at the event in South Goa after the virtual inauguration, PM Modi said, “You all have come to India to discuss energy and sustainability; I welcome everyone. India Energy Week (IEW) has become a global platform for dialogue and action in a very short period of time.”

He further stated that today, India has become a “land of immense opportunities” for the energy sector.

Stressing that India is the world’s fastest-growing major economy, which means that the demand for energy products is continuously rising here, the Prime Minister said, “India offers excellent opportunities to meet global demand. Today, we are among the top five in the world for petroleum products. Our export coverage reaches over 150 countries. India’s capability will be very useful for you, which is why a platform like Energy Week is an excellent venue to foster our partnership.”

Before proceeding further, PM Modi said that he would like to mention a “major development”, noting the near closure of a “very significant agreement” between India and the European Union.

“The world is talking about this as the ‘Mother of All Deals’. This pact has brought tremendous opportunities for India’s 140 crore people and the crores of people in European countries,” he said, talking about the India-EU Free Trade Agreement (FTA).

India and the EU have completed negotiations on a landmark free trade agreement designed to enhance trade and strengthen economic ties. The announcement of the deal is scheduled for later in the day.

The Prime Minister called the FTA “an excellent example of synergy between two of the world’s largest economies”, which, according to him, represents nearly 25 per cent of global GDP and about one-third of global trade.

“This agreement not only strengthens trade but also reinforces our shared commitment to democracy and the rule of law. Additionally, the free trade agreement with the EU will complement the agreements with Britain and EFTA as well. This will strengthen both trade and global supply chains. I congratulate the youth of India and all the country’s citizens for this,” he added.

He also congratulated all those associated with sectors such as textiles, gems and jewellery, leather and footwear, and every other sector.

“This trade deal will not only boost manufacturing in India but will also lead to greater expansion of services-related sectors. This Free Trade Agreement will further strengthen the world’s confidence in India for every business and investor,” he added.

PM Modi said that today, India is working extensively on global partnerships in every sector.

“Even if I talk about the energy sector alone, there is immense investment potential in different areas linked to the energy value chain here. Take the exploration sector, for instance — India has significantly opened up its exploration sector. You are aware of our Deep Sea Exploration Mission as well. We are striving to take investment in our oil and gas sector to 100 billion dollars by the end of this decade,” he further said.

“Our goal is to expand the exploration area to one million square kilometres. In line with this vision, over 1.7 million square kilometres of blocks have already been awarded. The Andaman & Nicobar Basin is also becoming our next hydrocarbon hub. Why? Because we have implemented significant reforms in the exploration sector. The ‘no-go’ area has been greatly reduced,” he added.

Based on the suggestions and feedback received during the previous edition of India Energy Week, PM Modi said, India hasmade improvements in our Acts and Rules, and said, “If you invest in India’s exploration sector, your company’s profitability is set to increase.”

Another strength that greatly benefits India in the energy sector is, according to the Prime Minister, “our large refining capacity”.

“We are ranked second in the world in refining capacity and will soon be number one. Today, India’s refining capacity is around 260 million tonnes. Continuous efforts are underway to raise it to over 300 million tonnes,” he added.

On the transportation sector, he said, “For LNG transportation, specialised vessels are required, and we are working to build them within India. Recently, a program worth 70,000 crore rupees has been launched in India for shipbuilding. At the same time, there are many investment opportunities in the construction of LNG terminals at the country’s ports. There is also a need for large pipelines for LNG.”

He said that the City Gas Distribution network has reached many cities in India, and the government is “rapidly connecting” other cities as well, calling it a “very attractive sector” for investment.

“India has such a large population, and our economy is continuously growing. In such an India, the demand for petrochemical products is also set to rise consistently. Therefore, we will need a very large energy infrastructure. And your investment in this will also give you substantial growth. In addition to all this, there are also many opportunities for investment in downstream activities in India,” the Prime Minister said.

PM Modi also said that India is now riding the ‘Reforms Express’ and is rapidly implementing reforms in every sector. He said that the country is carrying out reforms to boost domestic hydrocarbon production and create a transparent and investor-friendly environment for global collaboration.

“India is now moving beyond energy security and working on a mission of energy independence… Our energy sector is at the centre of our aspirations. There is an investment opportunity of 500 billion dollars in it. I invite you with the call — Make in India, Innovate in India, Scale with India, Invest in India,” he added.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, UAE’s Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, Canada’s Minister of Energy and Natural Resources Tim Hodgson, along with high-ranking ministers from Africa, the Middle East, Central Asia, and the Global South, are present at the inauguration ceremony in Betul village, South Goa district.

The IEW aims to enhance energy security, attract investment, and promote effective, scalable approaches to decarbonisation that can be adapted by economies at various stages of development.

This three-day event features delegations from the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, highlighting the IEW’s expanding influence in global energy diplomacy. The IEW anticipates welcoming over 75,000 energy professionals from more than 120 nations.

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