Union Minister of Petroleum and Natural Gas Hardeep Singh Puri today highlighted India’s remarkable economic rise, noting that the country has emerged as the world’s fourth-largest economy and is steadily advancing towards the third spot.

Addressing the gathering during the fireside chat at the 28th Energy Technology Meet in Hyderabad today, the union minister spoke about the role various sectors, particularly energy and electronics, are playing in this and its contribution towards Aatma Nirbharta.

Stating that India is the world’s third-largest oil consumer and is projected to drive over one-third of global oil demand growth over the next two decades emerging as the single largest contributor to global Oil demand expansion among major countries, Puri said, “The sector contributes 19 per cent to the country’s overall tax revenues. This scale gives us a unique advantage: we are among the few growing refining markets globally.”

He further highlighted that India now exports refined products to 50 countries, valued at over US $45 billion (FY 2024-25) ranking among the top seven exporters globally, with the ambition to enter the top three.

“On the supply side, India sources crude from 40 nations, creating one of the most diversified and resilient energy portfolios in the world. India's refining ecosystem is already over 80% indigenized, with domestic companies now delivering engineering design, fabrication, instrumentation, and operations which is a remarkable leap from less than half that a decade ago,” he said.

“Our refinery catalyst market, valued at nearly US $1.4 billion, still imports 70–75% of its demand presenting us a major opportunity for local innovation and production. Our refining and petrochemical sector is not just meeting national energy needs; it is shaping India’s industrial transformation. We are moving away from standalone refineries toward fully integrated energy and industrial ecosystems and hubs that combine refining, petrochemicals, green hydrogen, and logistics,” the minister added further.

Stating that Rajasthan based refinery of Hindustan Petroleum Corporation Limited (HPCL), with a capacity of nine million metric tonnes per annum and 26 per cent petrochemical intensity, is a prime example, Puri said that it represents a major investment that generates thousands of man-days of employment annually and is transforming the regional economy.

“India is also uniquely positioned to meet a significant share of global SAF demand, with the capacity to eventually produce 8-10 million mt annually, enough to meet over 5% of global SAF requirements,” he added further.