Friday, August 19th, 2022 02:37:04

Energy is the key driver of the economic growth: PM Modi

Updated: December 16, 2016 12:01 pm

Inaugurating PETROTECH-2016, the 12th International Oil & Gas Conference & Exhibition under the aegis of the Ministry of Petroleum & Natural Gas, Government of India, the Prime Minister, Shri Narendra Modi,talked about sustainable, stable and reasonably priced energy as an essential commodity for economic development to reach the bottom of the pyramid. He said,“Hydrocarbons will remain the most important source of energy for many years to come. Therefore, the theme of the Conference ‘Hydrocarbons to Fuel the Future, Choices and Challenges’ is both apt and timely.”

Prime Minister Modi further said that India’s economy is expected to grow five-fold by the year 2040. As per estimates, India is poised to account for one-fourth of the incremental global energy demand between 2013 and 2040. India is expected to consume more oil in 2040 than the whole of Europe. He added, “We expect manufacturing to account for 25 per cent of GDP by 2022 against 16 per cent now.”

Continuing his fight against red tapism and his motto of Make in India, the Prime Minister remarked, “Our commitment is strong and our motto is to replace Red Tape with Red Carpet. My message to the global hydrocarbon companies is, ‘we invite you to come and Make in India’ as we are providing ease of business.” With economies around the world going through turmoil, India has been getting Foreign Direct Investment and Shri Modi was quick to put that point across. “Our economy is more stable. While global economy goes through uncertainty, India has shown tremendous resilience. FDI in India was at the highest level in 2015-2016 at a time when global FDI has fallen. According to the International Bank of Settlement, India is less vulnerable to banking distress among the major economies.”

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