Stating that India third largest energy consumer in the world, Prime Minister Narendra Modi said that the energy demand is growing at more than 5% annually.
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PM Modi was inaugurating Petrotech 2019, a series of international Oil and Gas Conferences, a biennial platform for national and international experts in the oil & gas industry to exchange views and share knowledge, expertise, and experiences.
Narendra Modi elaborated on the massive strides the Indian economy has made in recent times. He also stated that the energy demand in the country is growing at over 5% annually. The energy demand is expected to be more than doubled by 2040.
The Prime Minister also stated India has proven to be an ‘anchor for World economy’. He said, “India is the fastest growing large economy in the world. Leading agencies such as the IMF and the World Bank project the same trend to continue in the coming years. In an uncertain global economic environment, India has shown tremendous reasons as an anchor of the world economy.”
‘Energy Justice’ is also a key issue for India, Modi said. “Energy justice is also a key objective for me and a top priority for India. Towards this end, we have developed and implemented many policies. The results of these efforts are now evident,” he said.
Modi also emphasized on the necessity to move towards ‘responsible pricing’ for crude prices. “We need to move to responsible pricing, which balances the interests of both the producer and consumer,” he said.