Energy key driver of socio-economic growth: Modi

Prime Minister Narendra Modi said on Monday that people must have universal access to clean, affordable, sustainable and equitable supply of energy in a fast-growing economy like India.

"Several decades of public life have convinced me that energy is a key driver of socio-economic growth," he said while addressing the inaugural session of Petrotech 2019 here.

"At the macro level, the energy sector is a pivot and a key enabler of growth. Natural gas is fast becoming one of the largest fuels in global energy mix. Nations are coming together to tackle climate change. We are entering an era of greater energy availability," he said.

The prime minister said India has the potential to emerge as the world's second largest economy by 2030. "We are the third largest energy consumer in the world with demand growing at more than 5 per cent annually. India remains an attractive market for energy companies with energy demand expected to be more than double by 2040."

Suitably priced, stable and sustainable energy is essential for rapid growth of the economy, he said. In an uncertain global economic environment, India has shown tremendous reasons as an anchor of the world economy, said Modi.

"Electricity has reached all our rural areas. This year, we aim to achieve 100 per cent electrification of households through a targeted programme. LED bulbs distributed across the country under the Ujala scheme resulted in savings of nearly 2.5 billion dollars."

The prime minister said access to clean fuel provides major benefits, especially to women and children who are at risk of exposure to smoke pollution. "LPG connection have been given to over 64 million households in just under three years as part of Ujala scheme."

Modi also called for moving towards a responsible pricing mechanism which balances the need of both consumers and producers.

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