Indian economy will grow five-fold by 2040; has shown more resilience, says PM Modi

New Delhi: Prime Minister Narendra Modi on Monday said that India’s economy is expected to grow five fold by 2040, and has shown signs of more stability and resilience than any other economy in the world.

PM was speaking at the inauguration of Petrotech Exhibition. Petrotech 2016 is the 12th International Oil and Gas conference and exhibition being held in New Delhi from December 5 to December 7.

"We expect growth in manufacturing, transport, civil aviation among other sectors", said the Prime Minister. "While global economy goes through uncertainty, India has shown tremendous resilience" he added.

PM said that  Foreign Direct Investment (FDI) is at the highest level and the current account deficit has improved steadily,

India crossed the USD 300 billion foreign direct investment (FDI) milestone between April 2000 and September 2016, firmly establishing its credentials as a safe investment destination in the world.

 PM added that India will provide electricity to all by March 2018 and reiterated that sustainable, reasonable priced energy is crucial for development.

On the fillip to the energy sector in the country he added that government  aims to provide piped natural gas connection to 10 million, double pipeline network to 30,000 km in 5 years.

We need to increase domestic oil and gas production and reduce import dependence; our efforts should be towards gas-based economy, said Prime Minister Modi.

Calling upon multinational companies to invest and make in India, he said India needs to improve on project management and execution. " My message to global hydrocarbon companies is: we invite you to come and Make in India", said Modi.

To meet the increasing demand, we need affordable and reliable sources of energy. Our commitment is strong and our motto is to replace red tape with red carpet, he added.