New Delhi, Jan 27: Prime Minister Narendra Modi on Tuesday virtually inaugurated the fourth edition of the India Energy Week (IEW) 2026 conclave and described the India–EU Free Trade Agreement as the “mother of all deals” and an “excellent example of synergy” between two of the world’s largest economies.
Addressing delegates at the event in South Goa after the virtual inauguration, PM Modi said India Energy Week has rapidly emerged as a global platform for dialogue and action on energy and sustainability. He welcomed participants from across the world and said India has become a land of immense opportunities for the energy sector.
Highlighting that India is the world’s fastest-growing major economy, the Prime Minister said the country’s rising energy demand offers vast opportunities for global partners. He noted that India ranks among the top five exporters of petroleum products, with exports reaching over 150 countries.
Referring to a major development, PM Modi said negotiations on a very significant agreement between India and the European Union were nearing completion. He said the proposed India–EU Free Trade Agreement would open up immense opportunities for India’s 140 crore people as well as citizens of European nations.
India and the EU have completed negotiations on the landmark FTA aimed at boosting trade and strengthening economic ties, with the formal announcement expected later in the day.
Calling the agreement an excellent example of synergy, PM Modi said it represents nearly 25 per cent of global GDP and about one-third of global trade. He added that the pact would strengthen trade, reinforce shared democratic values, and complement similar agreements with the UK and EFTA, thereby strengthening global supply chains.
The Prime Minister said the deal would boost manufacturing, expand services sectors, and enhance investor confidence in India. He congratulated stakeholders from sectors including textiles, gems and jewellery, leather, footwear, and others who stand to benefit from the agreement.
Speaking on energy investments, PM Modi said India offers immense potential across the energy value chain, including exploration, refining, LNG transportation, and city gas distribution. He said the government aims to attract investments of up to $100 billion in the oil and gas sector by the end of this decade and expand the exploration area to one million square kilometres.
He also highlighted India’s growing refining capacity, which currently stands at around 260 million tonnes and is expected to exceed 300 million tonnes soon. Stressing reforms in the sector, he said India is creating a transparent and investor-friendly environment to encourage global collaboration.
The Prime Minister said India is moving beyond energy security towards energy independence, with an investment opportunity of nearly $500 billion in the energy sector. He invited global investors with the call: “Make in India, Innovate in India, Scale with India, Invest in India.”
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, UAE Minister Sultan Ahmed Al Jaber, Canada’s Energy Minister Tim Hodgson, and senior ministers from Africa, the Middle East, Central Asia, and the Global South attended the inauguration ceremony in Betul village, South Goa.
The three-day IEW 2026 aims to enhance energy security, attract investment, and promote scalable approaches to decarbonisation. It is expected to host over 75,000 energy professionals from more than 120 countries, underlining its growing influence in global energy diplomacy. (Agencies)
