Union Minister Hardeep Singh Puri has expressed confidence that India’s focus on energy security will accelerate its journey to a $4 trillion economy, likely ahead of the International Monetary Fund's (IMF) 2027 projection. Speaking at the 7th Mangaluru Literary Festival, Puri emphasized how strategic energy policies are empowering India’s economic ambitions.
Expanding Refinery Capacity and Diversifying Imports
India has ramped up its refinery capacity significantly, reaching 5.4 million barrels per day, with plans to boost this to 6-7 million barrels soon. Furthermore, India has diversified its oil import sources, moving beyond traditional markets in the Middle East to include the US, Suriname, and Russia. Despite production cuts by the Organization of Petroleum Exporting Countries (OPEC), India has maintained steady imports, reflecting its geopolitical resilience in the energy market.
Overcoming Challenges of Affordability and Availability
While global oil markets remain abundant, Indian consumers face challenges related to affordability and availability. Addressing these concerns, the government continues to leverage its oil diplomacy and infrastructure advancements to ensure a stable supply of energy at competitive rates.
Green Energy Advancements: A Growth Catalyst
India’s push for green energy has started transforming sectors across the economy. Green hydrogen, a key focus area, has reached a pump storage capacity of 5 million metric tonnes, highlighting the nation’s commitment to sustainable energy solutions.
Supporting Rapid Economic Growth
With strategic energy initiatives, India is poised to enhance its global standing and drive economic growth. Puri’s remarks underline the critical role of energy security in fostering a robust, self-reliant economy.
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