India's Economy Expected to Grow Five-Fold by 2040: PM Modi

New Delhi: Prime Minister Narendra Modi on Monday said that sustainable, reasonable priced energy is crucial for development.

While addressing a gathering at Petrotech Exhibition, the prime minister said, "While global economy goes through uncertainty, India has shown tremendous resilience. FDI is also at the highest level."

He said, "India's economy is expected to grow five-fold by 2040. We expect growth in manufacturing, transport, civil aviation among other sectors. India needs energy which is accessible to the poor. It needs efficiency in energy use."

"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," he added.

"We are aiming to provide piped natural gas connection to 10 million households, double pipeline network to 30,000 km in 5 years," Modi said while adding, "Energy sustainability, for me, is a sacred duty. It is something India does out of commitment, not out of compulsion."

"We need to increase our domestic oil and gas production and reduce import dependence. Our current account deficit has improved steadily, we will

provide electricity to all by March 2018," he said.

Petrotech Exhibition - one of the biggest oil and gas exhibitions - and this year theme of the conference is "Hydrocarbons to fuel the future – Choices & Challenges".