India could be second-largest economy by 2030: PM

Prime Minister Narendra Modi exuded confidence on Monday that India would continue to be the fastest-growing large economy, and could be the second-largest economy in the world by 2030.

"Leading agencies such as IMF and World Bank project the same trend to continue in the coming years. In an uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy," Modi said addressing inaugural address of Petrotech 2019 in Greater Noida.

Modi said, currently, India is fastest-growing large economy in the world... and it "recently became the sixth-largest economy in the world.

According to a recent report, by 2030, India could be the second-largest world economy."

As per a Standard Chartered report, India is likely to pip the United States to become the world's second-largest economy by 2030.

China will be on the top spot surpassing U.S, which will be at the third place, the report said.

On the roller coaster movement of crude oil and pricing of petroleum, he said: "We need to move to responsible pricing which balances interests of both producers and consumers. We also need to move toward transparent and flexible market for both oil and gas, only then we can serve energy needs of humanity in optimal manner."

He also said that India has made rapid strides in achieving COP21 targets and are on way to achieve those.

"India has the fourth-largest refining capacity in the world. This will further grow up by about 200 million metric tonnes by 2030. Our national bio fuel policy has enacted last year... research on second and third generation bio fuel is being promoted. 12-second generation bio refineries are being set up in 11 states."

Talking about energy policy of India he said: "We have adopted an integrated approach in energy planning. During the last Petrotech Conference in 2016, I mentioned four pillars for India's future - energy access, efficiency, sustainability and security."

(Agencies)