India's economy is expected to grow five fold by 2040: Narendra Modi

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New Delhi, Dec 5: Prime Minister Narendra Modi on Monday said that India has shown tremendous resilience and FDI is at the highest level.

Modi inaugurated the Petrotech Exhibition 2016- 12th International Oil & Gas Conference and Exhibition in New Delhi on Monday. Speaking at the event, Modi said: "India's economy is expected to grow five folds by 2040, we expect growth in manufacturing, transport, civil aviation among other sectors."

We expect growth in manufacturing: Modi

Speaking about India's growth , Modi said: "Energy in general and hydrocarbons in particular are an important part of my vision for India's future. Hydrocarbons will continue to play an important part in India's growth."

Modi also invited Global Hydrocarbon companies to Make in India and said: "My message to global hydrocarbon companies is, 'we invite you to come and Make in India.' Our commitment is strong and our motto is to replace Red Tape with Red Carpet."

Modi said that the poor in the country too should have acess to energy. "India needs energy which is accessible to the poor. It needs efficiency in energy use. Energy sustainability for me is a sacred duty, must do it out of commitment and not out of compulsion," Modi said.

Stressing on the need to increase domestic production and reduce oil imports by 20 per cent by 2022, the Prime Minster urged the youth to venture into the oil and gas sector.

"We need to find out an affordable and reliable source of energy... youth should venture into this sector and find innovative ways for India's oil security," Modi said.

(With IANS inputs)

OneIndia News

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