Prime Minister Shri Narendra Modi addressed the Kautilya Economic Conclave in New Delhi today. Organized by The Institute of Economic Growth in collaboration with the Ministry of Finance, the conclave focuses on key themes such as financing the green transition, geo-economic fragmentation, and policy actions to maintain resilience.
In his speech, the Prime Minister expressed his gratitude for attending the third edition of the conclave. He highlighted that over the next three days, multiple sessions will delve into various economic issues, which he believes will significantly contribute to accelerating India’s growth.
Amidst global uncertainties, especially with two major regions at war impacting energy security, the Prime Minister emphasized the importance of discussing the “Indian Era.” He noted the growing trust and self-confidence in India today.
Addressing the Kautilya Economic Conclave. https://t.co/sWmC6iHAyZ
— Narendra Modi (@narendramodi) October 4, 2024
Shri Modi proudly stated that India is currently the fastest-growing major economy and the fifth largest in terms of GDP. He highlighted India’s leading position in global FinTech adoption and smartphone data consumption, as well as its rank as the s Prime Minister Shri Narendra Modi addressed the Kautilya Economic Conclave in New Delhi today. Organized by The Institute of Economic Growth in collaboration with the Ministry of Finance, the conclave focuses on key themes such as financing the green transition, geo-economic fragmentation, and policy actions to maintain resilience.
In his speech, the Prime Minister expressed his gratitude for attending the third edition of the conclave. He highlighted that over the next three days, multiple sessions will delve into various economic issues, which he believes will significantly contribute to accelerating India’s growth.
Amidst global uncertainties, especially with two major regions at war impacting energy security, the Prime Minister emphasized the importance of discussing the “Indian Era.” He noted the growing trust and self-confidence in India today.
Shri Modi proudly stated that India is currently the fastest-growing major economy and the fifth largest in terms of GDP. He highlighted India’s leading position in global FinTech adoption and smartphone data consumption, as well as its rank as the second-largest internet user base and the leader in real-time digital transactions.
Additionally, he mentioned India’s third-largest start-up ecosystem and fourth rank in renewable energy capacity. In manufacturing, India is the second-largest producer of mobile phones, two-wheelers, and tractors. He also emphasized that India, with its young population and vast pool of scientists and technicians, is at a sweet spot in science, technology, and innovation.
The third edition of the Kautilya Economic Conclave is being held from the 4th to the 6th of October. Some of the most important issues confronting the Indian economy and economies of the Global South will be discussed by both Indian and international scholars and policymakers.
India has set ambitious green energy targets and has laid out a comprehensive plan to achieve them. Here are some key strategies and initiatives:
Renewable Energy Capacity:
Production Linked Incentives (PLI)
The government has introduced PLIs to boost manufacturing in various sectors, including renewable energy. This initiative has already attracted significant investments and is expected to accelerate production and sales.
Green Hydrogen:
India plans to produce 5 million tons of green hydrogen by 2030. This involves building an electrolyzer manufacturing capacity of 40 GW, which will more than double the global existing capacity.
Battery Storage
To support the renewable energy infrastructure, India aims to build 47 GW/236 GWh of battery storage capacity by 2031-32. This will help manage the intermittent nature of renewable energy sources.
Policy and Regulatory Support
The government has implemented favorable policies, subsidies, and incentives to promote renewable energy. This includes the decriminalization of the Companies Act and the creation of a national single window system to streamline business processes.
Infrastructure Development
A ₹2.44 lakh crore transmission plan has been introduced to support the energy transition. This plan includes the installation of extensive transmission lines and substations to ensure efficient energy distribution.
Global Biofuel Alliance
During its G20 Presidency, India launched the Global Biofuel Alliance to promote the use of biofuels. This initiative received wide support from member nations.
PM SuryaGhar Free Electricity Scheme
This rooftop solar initiative aims to turn millions of families into solar energy producers, saving them money and reducing carbon emissions. The scheme is expected to create around 17 lakh jobs3.
Research and Innovation
India has established a ₹1 trillion research fund to strengthen its research ecosystem. This fund supports advancements in critical technologies like AI and semiconductors, which are essential for the green energy transition.
These strategies reflect India’s commitment to a sustainable future and its efforts to become a global leader in green energy.
