Speaking at the Petrotech 2019 conference, PM Narendra Modi foresees that India will beat the US and currently the world’s fastest growing economy will become the world’s second largest economy – all by 2039.
India is currently the sixth largest economy in the world, just close behind the United Kingdom – and is also the world’s fastest growing markets. With the continuous industrial and economic growth, the demand for energy in the country is raising by more than 5 percent each year – poising as the third-largest energy consumer in the world. Speaking about the growing Indian economy at the Petrotech 2019 conference on Monday, PM Modi said how India is up for the race of becoming the world’s second largest economy by 2039.
With an aim to leave behind the American economy, Modi says that the country will need of “clean, affordable and equitable supply of energy” for the growth of economy. Especially for a country that relies on imports to satisfy 80 percent of its energy needs, including natural petro-oils and gases – the country needs to develop a system for fuel pricing that balances interests of both producers and consumers. A balanced system will, as PM Modi says, “help the poor and deprived sections of society to partake of economic benefits”.
Listing out the government’s work in developing energy sector in India, Modi spoke about the 100 percent electrification of rural households; the UJALA LED bulb distribution scheme that saved Rs 17,000 crore annually; the 6.4 crore free LPG connections for poor that expanded cooking gas coverage to 90 percent from 55 percent population about 5 years back. The government has also been pushing usage of bio-fuels with 12 second-generation bio-refineries in processing of being set up in 11 states.