Goa, Jan 27: India achieved nearly 20% ethanol blending in Ethanol Supply Year (ESY) 2025, resulting in foreign exchange savings of approximately USD 19.3 billion and direct payments exceeding USD 15 billion to farmers over the last decade, said Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, on Tuesday.
Speaking at the inaugural ceremony of the 4th India Energy Week (IEW) 2026 in Goa, the Minister detailed India's strategy to balance energy transition with economic security for clean energy targets.
The Minister stated that India remains on track to meet its compressed biogas targets as part of a broader push into bioenergy. He noted that while renewables have grown from "one-fifth to nearly one-third" of global electricity generation, conventional energy remains a necessity to meet rising demand.
"The history of energy has never been about replacement alone. It has been about addition," Puri said, adding that "while renewable and alternative energy sources are expanding at pace, conventional energy will remain essential."
Addressing the country's future energy requirements, Puri said, "By 2050, India's share of global energy demand is projected to rise by nearly 30-35%, reaching around 10 percent of the total global energy demand."
To meet this, the government is expanding capacity across the full energy mix, including raising its nuclear ambition to 100 GW by 2047. This is supported by the Atomic Energy Bill 2025 SHANTI, which modernizes the nation's nuclear legal framework.
Puri highlighted significant reforms in the upstream sector, including the Oilfields (Regulation and Development) Amendment Act, 2025, which introduced single petroleum leases and long-term stability. Preliminary assessments from recently concluded exploration rounds in deep-water acreages are promising, leading to select drilling efforts.
"While fuel prices rose significantly in many major economies after 2021, prices in Delhi in 2025 remained lower than in 2021. For over 100 million PMUY beneficiaries, LPG prices have been maintained at around 5.5 - 6 US dollars per cylinder, among the lowest globally," he said.
The petroleum sector now accounts for 28 per cent of India's trade volume by weight at ports. With an USD 8 billion government package for shipbuilding, the Minister identified a near-term investment opportunity of USD 5 billion for approximately 60 vessels required for the oil and gas trade.
Furthermore, India's Global Capability Centres (GCCs) are projected to reach a revenue of USD 105 billion by 2030, supported by nearly 2,400 centers. "In just five years, their combined revenue has jumped from USD 40.4 billion in FY19 to USD 64.6 billion in FY24, with growth rate of 9.8% annually. The sector is projected to reach USD 105 billion by 2030, supported by nearly 2,400 GCCs employing over 2.8 million professionals," he noted.
"May India Energy Week serve as a catalyst for collective progress and a forum where solutions are shaped for the benefit of the world," Puri concluded.
Earlier in the day, Puri met Pramod Sawant, Chief Minister of Goa and H.E. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC MD and Group CEO, UAE.
(ANI)
