India will become the second largest world economy by 2030: PM Modi

File photo of PM Narendra Modi. Photograph:( PTI )

WION Web Team New Delhi, Delhi, India Feb 11, 2019, 12.06 PM (IST)

Prime Minister Narendra Modi on Monday inaugurated the Petro Tech 2019 event in Greater Noida's India Expo Centre.

Addressing the 13th International Oil and Gas Conference PM Modi said that the energy demands of the country are expected to be more than double by 2040.

Adding that India recently became the sixth largest economy in the world he cited a report and said that the country will become the second largest world economy by 2030.

He also cited the IMF and World Bank and said that India was the fastest growing large economy in the world and the same trend would continue in the coming years. 

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Hailing the contributions of his government he added, "Electricity has reached all our rural areas. LPG connections have been given to over 64 million households in just under three years under the Ujjwala Scheme. A ‘Blue Flame Revolution’ is under-way. LPG coverage has reached more than 90% per cent, from 55% five years ago".

"Energy justice is also a key objective for me and a top priority for India. Towards this end, we have developed and implemented many policies. The results of these efforts are now evident, "PM Modi said.

"We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and gas. Only then can we serve the energy needs of humanity in an optimal manner, he added.

"For too long, the world has seen crude prices on a roller-coaster. We need to move to responsible pricing, which balances the interests of both the producer and consumer. We also need to move towards transparent and flexible markets for both oil and 

"There are signs of convergence between cheaper renewable energy, technologies and digital applications. This may expedite the achievement of sustainable development goals. Nations are coming together to tackle climate change".

"Energy supply, energy sources and energy consumption patterns are changing. Perhaps, this could be a historic transition. There is a shift in energy consumption from West to East, " he added.

Story highlights

Addressing the 13th International Oil and Gas Conference PM Modi said that the energy demands of the country are expected to be more than double by 2040.