India's Economic Growth and Urban Development Under PM Modi Lauded by Hardeep Singh Puri
Team Finance Saathi
20/Sep/2024

What's covered under the Article:
Hardeep Singh Puri commends India's leap from the 10th to the 5th largest economy under PM Modi, emphasizing growth in multiple sectors.
He highlights Houston's key role in global energy, focusing on US-India collaboration in clean energy, refining, and biofuels.
Puri discusses India's ambitious urban development, civil aviation expansion, and the contributions of the Indian diaspora in medicine and engineering.
India's economic growth under the leadership of Prime Minister Narendra Modi has gained significant attention globally. At a reception held at India House in Houston, Hardeep Singh Puri, Minister of Petroleum and Natural Gas, praised the transformation India has undergone since 2014. He emphasized that India, once the world's 10th largest economy, has now risen to the 5th largest by 2019, surpassing the United Kingdom. This rapid rise, according to Puri, demonstrates the effectiveness of Modi’s policies and the country’s resilience in overcoming challenges.
Houston’s role in global energy was a major point of discussion during the reception organized by the Consul General of India in Houston, Mr. D C Manjunath. Puri recognized Houston’s strategic position, particularly in sectors such as green hydrogen and aerospace, which are essential to the future of clean energy. He stated that India’s collaboration with the United States in these fields has deepened over the years, largely through the US-India Strategic Clean Energy Partnership. This partnership is pivotal in addressing global energy demands while also ensuring a shift towards sustainable sources.
One of India’s key achievements has been its focus on refining capacity and biofuel blending. India’s refining capacity has already reached significant milestones, but Puri revealed the government's plans to increase this capacity to 300 million metric tons annually. Alongside this, biofuel blending initiatives are being implemented to ensure that India not only meets its growing energy needs but also does so in an environmentally responsible manner.
Puri also discussed India’s urban development, drawing attention to the government’s ambitious investment in infrastructure. Between 2017 and 2024, the government has committed US$ 25 billion (Rs. 1.57 lakh crore) to urban schemes, which Puri likened to building a new Chicago every year. This investment is aimed at ensuring that India’s cities are well-equipped to handle rapid population growth and the demands of modern urban life.
India's civil aviation sector is another area of remarkable growth, with the number of airports set to rise from 74 to 150. This expansion is crucial for supporting India’s economic growth and ensuring greater connectivity across the country. Puri also acknowledged the contributions of the Indian diaspora, particularly in the fields of medicine and engineering, and urged them to continue maintaining their cultural traditions while contributing to their adopted countries.
The reception was marked by a strong sense of gratitude from Puri, who expressed appreciation for the warm reception from the Indian community in Houston. He acknowledged the vital role played by the diaspora in enhancing India’s global standing, particularly in sectors where India has become a global leader.
Looking Ahead: Clean Energy and Urban Development
Puri's speech reflects India’s commitment to becoming a global energy leader while also focusing on sustainable urban development. With initiatives in clean energy, including biofuel blending and green hydrogen, India is setting the stage for a future where energy needs are met responsibly. The US-India Strategic Clean Energy Partnership serves as a foundation for continued cooperation in these critical areas, and Houston is set to play an important role in these efforts.
Moreover, India’s civil aviation and urban infrastructure plans are equally ambitious. With the number of airports expected to more than double, India is preparing to meet the demands of a rapidly growing population. The expansion of urban schemes further illustrates the government's dedication to improving living standards and supporting economic growth.
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