India Soars from 11th to 5th Largest Economy in One Decade: PM Modi

Addressing the occasion, the Prime Minister congratulated the International Energy Agency for the 50th anniversary of its establishment and also extended his gratitude towards Ireland and France for co-chairing this meeting.

Underlining the need for energy security and sustainability for sustained growth, the Prime Minister highlighted how India went from being the 11th largest economy to the 5th largest in one decade, making it the world’s fastest-growing major economy.

He also mentioned a twenty-six fold growth recorded in India’s solar energy capacity during the same period, while also doubling the nation’s renewable energy capacity. “We exceeded our Paris commitments in this regard, ahead of timelines”, PM Modi added.

Noting that India is home to 17% of the global population while also running some of the world’s largest energy access initiatives, the Prime Minister highlighted that India’s carbon emissions account for only 4% of the global total.

He reaffirmed the country’s commitment to combating climate change by adopting a collective and proactive approach. “India has already led initiatives such as the International Solar Alliance. Our Mission LiFE focuses on pro-planet lifestyle choices for a collective impact.
‘Reduce, Reuse and Recycle’ is a part of India’s traditional way of life”, the Prime Minister said.

Referring to the launch of the Global Biofuels Alliance during India’s G20 Presidency, Prime Minister Modi thanked the IEA for supporting the initiative.

Drawing attention to inclusivity boosting the credibility and capability of any institution, the Prime Minister mentioned the 1.4 billion Indian citizens that can bring talent, technology and innovation to the table.

“We bring scale and speed, quantity and quality to every mission”, PM Modi said expressing confidence that India playing a bigger role will hugely benefit the IEA. Concluding the address, the Prime Minister conveyed his best wishes for the success of the Ministerial Meeting of the IEA and urged to leverage this platform to strengthen existing partnerships and while creating new ones.

“Let us build a cleaner, greener and inclusive world”, Modi concluded.