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


Prime Minister Narendra Modi on Monday inaugurated the Petro Tech 2019 event in Greater Noida’s India Expo Centre.

Addressing the 13th International Oil and Gas Conference PM Modi said that the energy demands of the country are expected to be more than double by 2040.

Adding that India recently became the sixth largest economy in the world he cited a report and said that the country will become the second largest world economy by 2030.

He also cited the IMF and World Bank and said that India was the fastest growing large economy in the world and the same trend would continue in the coming years. Addressing the gathering at the inaugural session, Mr Modi said, there is a shift in energy consumption from West to East. The 3-day biennial event began at India Expo Mart yesterday. Mr Modi said, the petrotech has served a platform to discuss the challenges of the energy sector across the globe.India is fourth-largest refiner in the world and would add 200 million tonnes refining capacity by 2030, said the PM.

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

“Energy supply, energy sources and energy consumption patterns are changing. Perhaps, this could be a historic transition. There is a shift in energy consumption from West to East, ” he added.