India’s energy sector offers USD 500 bn investment potential: PM Modi

Prime Minister Narendra Modi on Tuesday said India’s energy sector offers investment opportunities worth USD 500 billion and urged global investors to invest in the country.

Addressing India Energy Week 2026, Modi said, “India is a land of opportunities for the energy sector as demand is continuously increasing … India will soon become the world’s largest oil refining hub.”

The prime minister said India is targeting USD 100 billion in investments in the oil and gas sector by 2030. He said the country’s oil refining capacity will be expanded from 260 million tonnes per annum to 300 million tonnes per annum.

Modi said India is undertaking reforms across sectors and described the country as riding the “reforms express”. He said the India-European Union Free Trade Agreement complements the India-UK trade deal, and will boost the manufacturing sector and support services.

Referring to the India-EU trade agreement, Modi said people were describing it as the “mother of all deals”. He said the agreement has created significant opportunities for 140 crore Indians as well as Europeans and described it as an example of coordination between two economies.

The prime minister said the agreement accounts for 25 per cent of global GDP and one-third of global trade.

India Energy Week 2026 is a global platform that brings together policymakers, industry leaders and innovators to discuss energy security, sustainability and inclusive growth.