India’s petroleum and energy landscape is undergoing a sweeping transformation that positions the country as a global energy powerhouse, said Hardeep Singh Puri, Minister of Petroleum and Natural Gas, during the inaugural session of the Energy Technology Meet in Hyderabad.
India’s Energy Growth Outpaces Global Trends
Puri highlighted that while several refineries across the world are facing closure amid slow global energy growth, India remains a bright spot, expected to account for 30–33% of global energy demand growth in the coming decades.
Currently, India’s refining capacity stands at 258 million metric tons per annum (MMTPA). The country plans to expand this to 310 MMTPA by 2030, with long-term targets of reaching 400–450 MMTPA, firmly establishing India among the top three global refining hubs. He noted that as over 100 global refineries—about 20% of total capacity—face closure by 2035, India’s proactive expansion will ensure its dominance in the refining and energy sector.
Biofuel Revolution: Accelerating Energy Independence
Commending India’s rapid progress in ethanol blending, Puri recalled that the nation moved from a modest 5% target in 2006 to achieving 10% blending five months ahead of schedule in 2022. Building on this momentum, the Government has advanced the 20% ethanol blending goal from 2030 to 2025–26. He attributed this success to strong policy frameworks, robust institutional support, and industry collaboration, which together demonstrate India’s capacity to deliver on ambitious clean energy commitments.
Refining Sector: A Global Export Powerhouse
Puri emphasized that India’s refineries are world-class, globally integrated, and export-driven. The country is now the fourth-largest refining nation and ranks among the top seven exporters of petroleum products. It supplies to over 50 countries, with exports valued at USD 45 billion in FY 2024–25.
The refining industry contributes nearly one-fifth of India’s total revenue, supported by strong performances from both public and private players. Domestic petroleum consumption grew from 5 million barrels per day in 2021 to 5.6 million barrels per day. It will soon reach 6 million barrels per day, driven by robust GDP growth and rising per capita income.
Petrochemicals: Unlocking the Next Growth Frontier
Puri highlighted the growing integration of refining with petrochemicals. He noted that India’s petrochemical utilisation rate is only one-third of the global average, offering tremendous scope for expansion. The petrochemical intensity index has already increased from 7.7% to 13%, showing the sector’s rapid evolution. The government and industry are now planning new refinery expansions as integrated petrochemical complexes. This move aims to enhance efficiency, increase value addition, and boost global competitiveness.
Innovation and Indigenisation: Building Atmanirbhar Energy Systems
Puri underscored the pivotal role of innovation and indigenisation in strengthening India’s energy ecosystem. He shared that nearly 80% of India’s energy value chain is now domestically produced, marking a major stride toward Atmanirbhar Bharat. However, he acknowledged that certain critical components like catalysts and specialized equipment are still imported. To address this, the government has introduced Production Linked Incentive (PLI) schemes. It has also established a National Centre for Catalyst Research to drive R&D and domestic manufacturing in advanced energy technologies.
Driving the Global Energy Transition from India
As reported by zeebiz.com, Puri reaffirmed India’s strategic vision and policy coherence. He said technological innovation is setting the stage for the nation to emerge as a global refining and energy hub. “India’s story is one of transformation—from an energy consumer to an energy leader,” he said. “With the right mix of innovation, infrastructure, and intent, we are shaping a sustainable and self-reliant energy future for the world.”
