Source: News Bharati English05 Dec 2016 10:58:09

New Delhi, December 5: Prime Minsiter Narendra Modi on Monday inauguated ‘Petrotech – 2016’ exhibition at New Delhi where he said that India's economy is expected to grow five-fold by 2040. He was addressing the ‘The Petrotech 2016’ main conference. The theme of the conference is “Hydrocarbons to fuel the future - Choices & Challenges” and the Petrotech 2016 Exhibition is providing opportunities for promotion of organizations, products and services.

PM highlighted the growth of Indian economy despite adverse condition in global economy. “While global economy goes through uncertainty, India has shown tremendous resilience. FDI is at the highest level. We expect growth in manufacturing, transport, civil aviation among other sectors, we expect growth in manufacturing, transport, civil aviation among other sectors”, he said.

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Enlightening the importance of hydrocarbons in nation’s growth, PM 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. India needs energy which is accessible to the poor. It needs efficiency in energy use”, he said.

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PM Modi also pointed out the importance of sustainable energy saying that energy sustainability is a sacred duty for him. “Energy sustainability is something India does out of commitment, not out of compulsion. We must also be sensitive towards the environment, said Modi.

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Keeping forward the motto to replace Red Tape with Red Carpet, PM said that our commitment for is strong towards Hydrocarbons development. “To meet the increasing demand, we need affordable and reliable sources of energy. We need to increase our domestic oil and gas production and reduce import dependence.  My message to global hydrocarbon companies is -we invite you to come and Make in India”, said Modi.

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