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India unrolls red carpet for global hydrocarbon companies

Declaring that Foreign Direct Investments (FDIs) have shown tremendous growth despite the uncertainties of the global economy the PM said that the Indian economy would grow five folds in upcoming years. "India's economy is expected to grow five folds by 2040 and we expect growth

Arnima Dwivedi

Arnima DwivediBy Arnima Dwivedi

Published on 5 Dec 2016 5:28 AM GMT

India unrolls red carpet for global hydrocarbon companies
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New Delhi: The Indian government has opened its doors for hydrocarbon companies worldwide to set up their units in country. Prime Minister Narendra Modi on Monday, while speaking at the inaugural function of Protech-2016 exhibition invited the global hydrocarbon companies to build up their entities in India.

The PM said that his government wants to reduce the excessive regulation of formal rules considered as bureaucratic but hinder decision-making for the global enterprises. The PM said, “Our motto is to ‘replace red tape with red carpet’ and thus my message to global hydrocarbon companies is, 'we invite you to come and Make in India'.

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Declaring that Foreign Direct Investments (FDIs) have shown tremendous growth despite the uncertainties of the global economy the PM said that the Indian economy would grow five folds in upcoming years. "India's economy is expected to grow five folds by 2040 and we expect growth in manufacturing, transport and civil aviation among other sectors," stated PM Modi.

What else he said:

  • Energy sustainability for me is a sacred duty and I want that it must be carried out of commitment and not out of compulsion.
  • India needs energy which is accessible to the poor.
  • The country needs efficiency in energy use.
  • Need affordable and reliable source of energy and also be sensitive towards environment.
  • Reduction in import dependency would help us to give impetus to domestic oil and gas production.
  • India will consume more oil in 2040 than whole of Europe.

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Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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