The Union Minister says India’s GDP now stands at approximately $4.3 trillion, with nearly half of it driven by the external sector, including exports, imports, and remittances
Mumbai
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Wednesday said that India’s rapid economic growth is inseparable from the progress of its energy and shipping industries, which together serve as critical pillars supporting national development.
Speaking at the ‘India Maritime Week 2025’ conference, the minister highlighted that India’s GDP now stands at approximately $4.3 trillion, with nearly half of it driven by the external sector — including exports, imports, and remittances — reflecting the importance of maritime trade to the country’s economy.
Discussing the energy sector, Puri noted that India currently consumes about 5.6 million barrels of crude oil per day, up from 5 million barrels four and a half years ago. At the present rate, the figure is projected to touch 6 million barrels per day soon. According to the International Energy Agency (IEA), India will account for nearly 30 per cent of the global rise in energy demand over the next two decades, up from an earlier estimate of 25 per cent.
The minister further stated that India imported around 300 million metric tonnes of crude and petroleum products in 2024-25, while exports stood at 65 million metric tonnes. The oil and gas sector contributes about 28 per cent of the country’s total trade volume, making it the largest single commodity handled at Indian ports.
Puri emphasized that India currently meets 88 per cent of its crude oil and 51 per cent of its gas needs through imports, underlining the shipping sector’s crucial role in maintaining energy security. He also pointed out that freight costs form a significant part of the import bill, noting that oil marketing companies pay around $5 per barrel for crude transported from the United States and $1.2 from the Middle East. Over the past five years, India’s public sector oil companies have spent nearly $8 billion on chartering ships — funds that could otherwise have been used to build a fleet of Indian-owned tankers.
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Snippets
* India currently consumes about 5.6 million barrels of crude oil per day, up from 5 million barrels four and a half years ago.
* The country will account for nearly 30% of the global rise in energy demand over the next two decades, up from an earlier 25%.
* India imported around 300 million metric tonnes of crude and petroleum products in 2024-25 against the exports of 65 million metric tonnes.
* The oil and gas sector contributes about 28% of the country’s total trade volume.
* In the past five years, India’s public sector oil companies have spent nearly $8 billion on chartering ships.
