NEW DELHI: India's economy is expected to grow five folds by 2040, the government expects growth in manufacturing, transport, civil aviation among other sectors, said Prime Minister Narendra Modi while inaugurating the Petrotech-2016 in Delhi.
Modi said while global economy is going through uncertainty, India has shown tremendous resilience. Indian economy is more stable than others with investment in India at the highest levels. The country's current account deficit has improved steadily.
To attain higher growth, Prime Minister said government is giving importance to improve infrastructure with highest priority to rail connectivity. The government is working on projects like dedicated freight corridor, Sagarmala highways and inland waterways shipping projects.
"India needs energy which is accessible to the poor," he said.
To gain sustainable growth, Modi said sustainable, reasonably priced energy is crucial for development. To attain this government aims to provide electricity to all by March 2018, piped natural gas connection to 10 million and pipeline network to 30,000 km in 5 years.
"Government is building a new gas pipeline to the least developed eastern region, which has become a catalyst to new jobs," PM said.
Government also plans to reduce dependence on oil imports and increase domestic oil and gas production. Modi said the efforts should be towards gas-based economy. He said government also plans to decrease dependence on oil imports by 10 percent by 2022.
Modi highlighted importance of reducing the import dependence and sais that by 2040 India will consume more oil than the whole of Europe.
Prime Minister also invited foreign companies to invest in Indian oil & gas sector. "My message to global hydrocarbon companies is come and Make in India. Our commitment is strong and our motto is to replace Red Tape with Red Carpet."
Source: economictimes.indiatimes.com