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

India is currently the fastest-growing large economy in the world and it “recently became the sixth-largest economy in the world”, PM Modi said during the inaugural address of Petrotech 2019 in Greater Noida.

Written by Newsroom Staff February 11, 2019 18:23

New Delhi: Prime Minister Narendra Modi on Monday exuded confidence that India would continue to be fastest-growing economy and could become second-largest economy in the world by 2030.

India is currently the fastest-growing large economy in the world and it “recently became the sixth-largest economy in the world”, PM Modi said during the inaugural address of Petrotech 2019 in Greater Noida.

According to a recent report, India is likely to surpass United States to become world’s second-largest economy by 2030.

“Leading agencies such as IMF and World Bank project the same trend to continue in the coming years. In an uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy,” PM Modi said.

Inaugurating 13th International Oil and Gas Conference – PETROTECH-2019, PM Modi said that there is a need to move towards responsible pricing of Oil and Gas to balance the interests of both the producer and the consumer.

“India has the fourth-largest refining capacity in the world. This will further grow up by about 200 million metric tonnes by 2030. Our national bio fuel policy has enacted last year… research on second and third generation bio fuel is being promoted. 12-second generation bio refineries are being set up in 11 states”, PM Modi said.

The Prime Minister stressed on the need to move towards transparent and flexible markets for oil and gas to serve energy needs in an optimal manner.

The Prime Minister said, winds of change are evident in the global energy arena. He said supply, sources and consumption of energy patterns are changing. Mr Modi said, there is a shift in energy consumption from West to East.

He said, the petrotech has served as a platform to discuss the challenges the world is facing in the energy sector. Prime Minister said, energy is a key driver of socio-economic growth and energy justice is a top priority for India.

Our goal in KashmirHe said, a Blue Flame Revolution is under-way in the country and LPG connections have been given to over 64 million house-holds in just three years under Ujjwala Scheme.

He also mentioned that under our UDAY scheme, the government is working towards this objective. India’s World Bank ease of electricity ranking improved from 111 in 2014 to 29 in 2018.

Speaking on the occasion, Minister of Petroleum and Natural Gas Dharmendra Pradhan said, India has made tremendous strides in providing energy justice. He said, UJJWALA scheme and expansion of City Gas Distribution Network have provided clean cooking gas to people.