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The government is expecting growth in manufacturing, transport, civil aviation etc and the country’s economy’s expecting to grow five folds by 2040, said <keyword id="6354814" type="UNKNOWN" weightage="20" keywordseo="prime-minister-Narendra-Modi">Prime Minister Narendra Modi</keyword> while inaugurating the Petrotech-2016 in Delhi. 
 Modi also said that regardless of the fact that the nation is undergoing through economic uncertainty, it has shown tremendous growth in some sectors. He also said that <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> is more stable than others with investment in India at the highest levels. The country's current account deficit has improved steadily. 
 
He also added that to achieve higher growth, the government is giving special importance to improve infrastructure with highest priority to rail connectivity. 
 
"India needs energy which is accessible to the poor," he said. 
 
Modi, talking about sustainability, said sustainable, reasonably priced energy is crucial for development. To attain this government aims to provide electricity to all by March 2018, piped natural gas connection to 10 million and pipeline network to 30,000 km in 5 years. 
 
"Government is building a new gas pipeline to the least developed eastern region, which has become a catalyst to new jobs," PM said. 
 
The government is also looking forward to reduce dependence on oil imports and increase domestic oil and gas production. “Government also plans to decrease dependence on oil imports by 10 percent by 2022,” Modi said. 
 
Prime Minister also invited foreign companies to invest in Indian oil &amp; gas sector. "My message to global hydrocarbon companies is come and Make in India. Our commitment is strong and our motto is to replace Red Tape with Red Carpet."

Indian economy more stable than others, will grow five folds by 2040: PM Modi

REUTERS/Hamad I MohammedA Saudi Aramco employee sits in the area of its stand at the Middle East Petrotech 2016, an exhibition and conference for the refining and petrochemical industries, in Manama, Bahrain, September 27, 2016.<ul><li><a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco's</a> record-shattering IPO made 3 billion shares available to public investors, though the offering only represents 1.5% of the oil giant's total value.</li><li>Most large-cap companies offer far more of their stock in IPOs. <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and Google-parent <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a> all have more than 84% of their shares listed publicly.</li><li>With the majority of Aramco's shares held by Saudi Arabia, government officials retain control of the firm and can lead it to take actions beneficial for the country.</li><li><a href="https://markets.businessinsider.com/stocks/aramco-stock">Watch Aramco stock here after it begins trading Wednesday</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco's</a> record-breaking initial public offering brought 3 billion shares to Saudi Arabia's Tadawul exchange, but the stake only represents 1.5% of the oil company's total value.The proportion of shares offered in the IPO is significantly lower than average, as other large-cap companies typically list the majority of their shares publicly. <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, and <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a> all have more than 84% of their shares held by public investors, according to Bloomberg data. <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> has 98.8% of its shares held by public markets.Of the 1,000 largest public companies by market cap, only Volkswagen-owned <a href="https://markets.businessinsider.com/stocks/audi-stock">Audi</a> and German utility firm <a href="https://markets.businessinsider.com/stocks/enbw-stock">EnBW</a> boast smaller stakes on public markets, <a href="https://www.bloomberg.com/news/articles/2019-12-10/after-aramco-s-record-ipo-barely-any-of-its-stock-will-trade">Bloomberg</a> reported Tuesday. The firms have just 0.36% and 0.37% of their shares floated, respectively.The rest of Aramco's shares remain under government control, giving officials the ability to easily influence the firm's actions to benefit government interests. Saudi government entities alone <a href="https://markets.businessinsider.com/commodities/news/saudi-aramco-ipo-got-2-billion-from-saudi-government-institutions-2019-12-1028751281">sank $2.3 billion into the IPO</a>, despite the kingdom's push to diversify its economy away from its colossal oil industry.Saudi Arabia plans to use "a lot" of the offering's proceeds on local investments, Finance Minister Mohammed Al Jadaan told <a href="https://www.bloomberg.com/news/articles/2019-12-09/saudi-arabia-plans-to-spend-a-lot-of-aramco-ipo-proceeds-locally">Bloomberg TV</a> on Thursday. Other planned investments include a futuristic city estimated to cost $500 billion.Though Aramco's listing seems to keep most power in the kingdom's hands instead of distributing it to shareholders, the same effect is achieved among most large companies. <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet</a>, <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a>, and <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a> all use dual-class share structures, giving special parties increased voting power.The IPO took place December 5, valuing the firm at $1.7 trillion after Aramco sold 3 billion shares at 32 Saudi riyals ($8.53) each. Two thirds of shares offered were sold to institutional investors, with Saudi-based companies buying up 37.5% of the portion.Aramco shares begin trading on the Tadawul exchange Wednesday.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/best-performing-national-stock-indexes-2019-g20-economies-world-countries-2019-12-1028752325">Every major stock index around the world climbed in 2019. Here are the 12 top performers.</a><a href="https://markets.businessinsider.com/news/stocks/morgan-stanley-fined-22-million-bond-market-pump-dump-scheme-2019-12-1028751961">Morgan Stanley fined $22 million over alleged bond-market 'pump and dump' scheme</a><a href="https://www.businessinsider.com/gitlabs-ceo-talks-gearing-up-for-direct-listing-or-ipo-2019-12">GitLab is eyeing a direct listing in November 2020, but its CEO explains why the $2.75 billion company could still go the traditional IPO route</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-prime-members-spend-more-money-sneaky-ways-2019-9">From Cyber Monday deals to Prime-only steals, this is how Amazon gets you to spend more money</a></h3>

Saudi Aramco's IPO raised a record $25.6 billion - but an unusually low 1.5% of the company's shares will actually trade

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Indian economy more stable than others, will grow five folds by 2040: PM Modi

BI India Bureau

Saudi Aramco's IPO raised a record $25.6 billion - but an unusually low 1.5% of the company's shares will actually trade

Ben Winck

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