Prime Minister Narendra Modi on Friday inaugurated India Energy Week (IEW) 2026 in South Goa and announced the near-closure of a “very significant” free trade agreement between India and the European Union, describing it as the “Mother of All Deals”.
Addressing global delegates after the virtual inauguration, PM Modi said India Energy Week has rapidly emerged as a major global platform for dialogue and action on energy and sustainability. He welcomed international participants and highlighted India’s growing role in meeting global energy demand.
Calling India a “land of immense opportunities”, the Prime Minister underlined that as the world’s fastest-growing major economy, India’s energy demand continues to rise steadily. He noted that India ranks among the top five global exporters of petroleum products, with exports reaching over 150 countries.
Highlighting a major development, PM Modi said India and the European Union have completed negotiations on a landmark Free Trade Agreement, with a formal announcement expected later in the day. He said the pact would benefit India’s 140 crore citizens as well as millions across Europe.
Describing the FTA as a powerful example of synergy between two of the world’s largest economies, the Prime Minister said India and the EU together account for nearly 25 per cent of global GDP and around one-third of global trade. He added that the agreement reinforces shared democratic values and strengthens global supply chains.
PM Modi said the trade deal would boost manufacturing, expand services, and enhance investor confidence in India. He congratulated industries including textiles, gems and jewellery, leather, footwear and other manufacturing sectors for the opportunities ahead.
Focusing on the energy sector, the Prime Minister said India is witnessing massive investment potential across the energy value chain. He highlighted reforms in exploration, expansion of refining capacity, LNG transportation, city gas distribution, and petrochemical infrastructure.
He said India aims to attract $100 billion investment in oil and gas by the end of the decade and expand exploration areas to one million square kilometres. India’s refining capacity, currently around 260 million tonnes, is set to exceed 300 million tonnes soon.
PM Modi said India is moving beyond energy security towards energy independence, with an estimated $500 billion investment opportunity in the energy sector. He invited global investors with the call: “Make in India, Innovate in India, Scale with India, Invest in India.”
Union ministers and senior leaders from the UAE, Canada, Africa, the Middle East, Central Asia and the Global South attended the inauguration. The three-day India Energy Week 2026 is expected to host over 75,000 energy professionals from more than 120 countries, highlighting India’s growing influence in global energy diplomacy.
