Page 40 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Key Policy developments/Significant news in Energy sector

Through biofuel blending country saved Rupees 91,000 Crore on import bill

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said through biofuel blending, the
country could save rupees 91,000 crore on the import bill and this money could be utilized for the benefit
of the agricultural sector. Inaugurating the 27th Energy Technology Summit in Bengaluru, he said India
has achieved the second position in biofuel blending globally. He expressed confidence that India will
achieve the target of 20 percent biofuel blending by next year, much ahead of schedule.

As our refineries takes to green energy, the country will succeed in the goal towards green hydrogen, the
Minister said. The Minister said India’s energy demand will grow by two and a half times by 2047.

Speaking at the event, Shri Puri highlighted India's remarkable progress in the refining sector, which has
transformed from a position of deficit in 2001 to becoming a global refining hub and net exporter of high-
quality petroleum products. “India has witnessed a spectacular growth in the refining sector over the
years," said Shri Puri. "From a deficit scenario in 2001, the country achieved self-sufficiency in refining,
and today, India is a major exporter of quality petroleum products.” He added that India has become the
fourth-largest refining nation worldwide, with a capacity of 256.8 Million Metric Tonnes Per Annum
(MMTPA), following the United States, China, and Russia. He further noted that, in line with India’s
strategic energy goals, efforts are underway to expand the refining capacity to 310 MMTPA by 2030.

He said the country will have to double the efforts to achieve the net carbon zero emission target by 2070.
Energy security, sustainability and technology innovation should go hand-in-hand to achieve the targets
in the energy sector, the Minister said. The three-day Energy Technology Meet has been organized by the
Centre for High Technology and Indian Oil Corporation Limited. 1200 participants are attending the Meet,
in which 60 papers will be presented.

Minister Hardeep Singh Puri Highlights India’s Economic Growth and Vision for Sustainable Energy at
the 12th Public Sector Enterprises Summit

“India is poised to become the third-largest economy in the world within the next five years and a
developed nation by 2047,” stated Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, in his
address at the 12th Public Sector Enterprises (PSE) Summit, organised by Confederation of Indian Industry
(CII). Reflecting on India’s transformation from a fragile economy in 2014 to the world’s fifth-largest
economy today, Shri Puri highlighted the role of Public Sector Enterprises (PSEs) in driving the nation’s
remarkable economic growth and advancing its sustainable energy future.

Shri Puri underscored that India’s trajectory toward becoming a global economic powerhouse is rooted in
robust reforms and the dedication of its PSEs. He praised the resilience and performance of Public Sector
Enterprises over the last decade, noting that their contributions have been integral to India’s economic
stability and progress. “As we look to the future, the next few years will be critical in laying the groundwork
for India’s next leap forward,” he said.

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