Prime Minister Narendra Modi today called for sustainable, stable and reasonably priced energy for economic development to reach the bottom of the pyramid. Speaking at Petrotech 2016, he said that India’s economy is expected to grow five-fold by 2040 and as per estimates, and that “India is expected to consume more oil in 2040 than the whole of Europe.” As per estimates, India is poised to account for one fourth of the incremental global energy demand between 2013 and 2040. He said that he expects manufacturing to account for 25 per cent of GDP by 2022 against 16 per cent right now.
Modi also stated that India’s Current Account Deficit has improved steadily and reached the decade low in the June quarter. Commenting on the increasing demand for energy, Modi said that transport infrastructure is expected to increase manifold. He said, “The commercial vehicle population of 13 million is projected to reach 56 million by 2040. In civil aviation, India is currently the eighth largest market in the world and set to become the world’s third largest by 2034. Growth in the aviation sector is expected to raise demand for aviation fuel four times by 2040. All this will affect energy demand.”
Modi said that his vision for India’s energy future has four pillars. They are energy access, energy efficiency, energy sustainability and energy security. India’s Minister for Petroleum and Natural Gas, Dharmendra Pradhan noted that the recently announced production curbs by OPEC countries may lead to crude oil price hikes. He said, “The price of crude oil has surged above $50/bbl and is expected to go up further due to OPEC production freeze.” Duke Johnson Authentic JerseyShare This