Mumbai: Prime Minister Narendra Modi on Monday said his government targets to take piped natural gas to 10 million households and more than double the existing pipeline network to 30,000 km in next five years.

“Indian economy is expected to grow five-fold by 2040,” Modi said in his inaugural address to the Petrotech 2016 conference in New Delhi.

He said that in the year 2040, the country's energy needs would go much higher and India will consume more oil than the whole Europe and his government's "motto is to replace red tape with red carpet".

Such sectors as manufacturing, transport and civil aviation among other sectors expected to witness a fast paced growth, Modi said.

“Hydrocarbons will continue to play a very crucial role in India's growth," he said.

According to Modi when global economy was going through turmoil, Indian economy showed tremendous resilience.