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Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri highlighted the crucial link between India’s economic growth and the strength of its energy and maritime sectors while addressing the ‘Revitalizing India’s Maritime Manufacturing Conference’ in Mumbai during India Maritime Week 2025.
The Minister noted that with India’s GDP nearing USD 4.3 trillion, nearly half driven by the external sector, trade and shipping play a pivotal role in sustaining the country’s rapid growth. He said India currently consumes 5.6 million barrels of crude oil per day, projected to reach 6 million barrels soon, and will contribute 30% of global energy demand growth over the next two decades.
During FY 2024–25, India imported around 300 million metric tonnes of crude and petroleum products and exported 65 million metric tonnes, with the oil and gas sector contributing nearly 28% of total trade volume. He emphasized that freight costs significantly impact the import bill, adding that Indian PSUs have spent about USD 8 billion in the past five years on chartering foreign ships — funds that could have been used to develop an Indian-owned fleet.
Currently, only 20% of India’s trade cargo is carried on Indian-flagged or Indian-owned vessels, presenting an opportunity for domestic capacity expansion. The government is taking measures such as aggregating PSU cargo, advancing the Ship Owning and Leasing (SOL) model, establishing a Maritime Development Fund, and implementing the Shipbuilding Financial Assistance Policy 2.0 to strengthen the sector.
Highlighting progress under the Modi Government, Shri Puri noted that India’s port capacity has nearly doubled from 872 MTPA in 2014 to 1,681 MTPA, while cargo volumes have increased from 581 million tonnes to 855 million tonnes. The Sagarmala Programme has already mobilized projects worth ?5.5 lakh crore to modernize ports and boost coastal connectivity.
Indian shipyards like Cochin Shipyard, Mazagon Dock, GRSE Kolkata, and HSL Visakhapatnam, along with private facilities in Goa and Gujarat, are building world-class vessels through collaborations with global leaders such as L&T, Daewoo, and Mitsui OSK Lines.
Looking ahead, the Minister said the maritime sector is poised to attract ?8 trillion in investments and create around 1.5 crore jobs by 2047. He added that initiatives such as the India–Middle East–Europe Economic Corridor and the International North-South Transport Corridor will strengthen India’s role in global trade.
Concluding, Shri Puri said that under Prime Minister Narendra Modi’s leadership, India views its oceans as “pathways to growth and prosperity.” He reaffirmed the government’s commitment to modernizing ports, promoting green shipping, and developing a self-reliant maritime ecosystem to power a Viksit Bharat.
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