India emerging as an alternative supply source
As the global supply chains are realigning, India is emerging as an alternative supply source given its raw materials, low labor costs, growing manufacturing knowhow, and entrepreneurial ability, Petroleum Minister Hardeep Puri said, Addressing the annual meeting of the industry chamber PHDCCI, Puri said that with the transition witnessed by the energy sector in recent years, India is simultaneously pursuing both traditional fuel exploration and energy transition.
The minister said that India aims to increase its net geographic area under exploration from 8 percent (0.25 million square km) to 15 percent (0.5 million sq. km) by 2025. India is a global exporter of petroleum products and boasts the fourth-largest refining capacity globally, he added. Referring to the significant milestones achieved in the biofuel revolution, he noted that ethanol blending has increased from 1.53 percent in 2013-14 to 11 percent in 2023.
India’s manufacturing aspirations, Puri said that the manufacturing sector currently comprises 17 percent of the nation’s GDP and over 27.3 million workers. The minister said that economic reforms and policies such as GST, IBC, asset monetization, labor law reforms, PLI, National Infrastructure Pipeline, and Gati Shakti's mission for multimodal connectivity have fixed many structural deficits.
