Indian economy more stable than others, will grow five folds by 2040: PM Modi

The government is expecting growth in manufacturing, transport, civil aviation etc and the country’s economy’s expecting to grow five folds by 2040, said Prime Minister Narendra Modi while inaugurating the Petrotech-2016 in Delhi.

Modi also said that regardless of the fact that the nation is undergoing through economic uncertainty, it has shown tremendous growth in some sectors. He also said that Indian economy is more stable than others with investment in India at the highest levels. The country's current account deficit has improved steadily.

He also added that to achieve higher growth, the government is giving special importance to improve infrastructure with highest priority to rail connectivity.

"India needs energy which is accessible to the poor," he said.

Modi, talking about sustainability, said sustainable, reasonably priced energy is crucial for development. To attain this government aims to provide electricity to all by March 2018, piped natural gas connection to 10 million and pipeline network to 30,000 km in 5 years.

"Government is building a new gas pipeline to the least developed eastern region, which has become a catalyst to new jobs," PM said.

The government is also looking forward to reduce dependence on oil imports and increase domestic oil and gas production. “Government also plans to decrease dependence on oil imports by 10 percent by 2022,” Modi said.

Prime Minister also invited foreign companies to invest in Indian oil & gas sector. "My message to global hydrocarbon companies is come and Make in India. Our commitment is strong and our motto is to replace Red Tape with Red Carpet."