Prime Minister Narendra Modi on Monday said India would continue to be the fastest-growing large economy and could become second-largest economy in the world by 2030, PTI reported.

India is currently the fastest-growing large economy in the world and it “recently became the sixth-largest economy in the world”, Modi said. According to the Standard Chartered report, both China and India can overtake the United States to become the world’s largest and second-largest economies by 2030, respectively.

“Leading agencies such as International Monetary Fund and the World Bank project the same trend to continue in the coming years,” Modi said at the inaugural address of an event in Greater Noida. “In an uncertain global economic environment, India has shown tremendous resilience as an anchor of the world economy.”

Petrotech 2019, the 13th international oil and gas conference and exhibition, is being organised by the Ministry of Petroleum and Natural Gas.

Modi said the government needed to take steps for responsible pricing of crude oil and petroleum, keeping in mind the 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 said.

Modi said that India’s biofuel policy last year started research into the second- and third-generaiton biofuel. The country has the fourth-largest refining capacity in the world, which is set to increase by about 200 million metric tonnes by 2030, he added.

Modi said his government has adopted an integrated approach to energy planning, with a focus on energy access, efficiency, sustainability and security. The prime minister said that the National Democratic Alliance government’s aim was to ensure 100% electrification of all households in the country under the Saubhagya programme.

Speaking about the government’s Ujala scheme, Modi said it had resulted in Rs 17,000 crore in annual savings. The programme, which promotes energy efficiency, distributes LED bulbs across the country.