India Energy Week 2024 was in focus, where India has invited investments from global leaders in the energy transition space. PM Narendra Modi said India is investing in energy like never before to ensure affordable energy for the future.
Remember, India is the world's third-largest energy, oil, and LPG consumer. India is also the fourth-largest LNG importer and refiner, along with the fourth-largest automobile market.
The PM also underlined the rising demand for electric vehicles in the country. At the Energy Week, PM Modi said India expects to see $67 billion in investments in the gas sector in the next five to six years.
In this episode of Smart Money, Raj Gandhi, Fund Manager, SBI Mutual Fund, and Ruchit Mehta, Head—Research, SBI Mutual Fund address how investors can seize this vast opportunity.
Mehta said, “We think that India is going to be a secular market from an energy demand growth standpoint over the coming decades. As we shift more towards the greener and renewable side of the energy basket, India's energy demand can grow at a much faster pace of close to 6 to 7%. For us, we have seen that this is a sector that has very solid long-term growth prospects, and coupled with the fact that it's got reasonable valuations compared to where a lot of other sectors are in the market it looks like an interesting investment opportunity.”
Watch this video for more.
(Edited by : Ajay Vaishnav)