India's economy is expected to expand fivefold by 2040 and making energy affordable for people at the bottom of the economic pyramid will be crucial to fuelling this growth, Prime Minister Narendra Modi told a gathering of energy ministers from oil and gas-producing countries and top industry executives. Inaugurating Petrotech 2016, the oil ministry's bi-annual global showcase, the PM stressed “reasonable“ pricing of energy to make it affordable for the poor. Coming within days of a production cut deal by members of OPEC -the cartel of 13 oil-exporting countries -and others outside the grouping, many construed the PM's focus on affordability as a cautionary note on the adverse effects of irrational oil price spike on the global economy .
This became clear when Modi said, “India's economy is expected to grow fivefold by 2040. India is poised to account for one-fourth of the incremental global energy demand between 2013 and 2040. India is expected to consume more oil in 2040 than the whole of Europe... India is today the world's fastest growing large economy . This growth has been supported by a series of policy measures. Our policies are focused on improving India's long-term economic and social prospects, rather than on short-term headlines. Our efforts are showing results in terms of economic growth and development.
What the Prime Minister left unsaid, but something that did not escape the gathering, including OPEC secretary-general Mohammad Sanusi Barkind, is that India has emerged as the world's latest growth engine.
This became clear when Modi said, “India's economy is expected to grow fivefold by 2040. India is poised to account for one-fourth of the incremental global energy demand between 2013 and 2040. India is expected to consume more oil in 2040 than the whole of Europe... India is today the world's fastest growing large economy . This growth has been supported by a series of policy measures. Our policies are focused on improving India's long-term economic and social prospects, rather than on short-term headlines. Our efforts are showing results in terms of economic growth and development.
What the Prime Minister left unsaid, but something that did not escape the gathering, including OPEC secretary-general Mohammad Sanusi Barkind, is that India has emerged as the world's latest growth engine.
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