India emerging as alternative supply source: Hardeep Puri

New Delhi, Sep 29: As the global supply chains are realigning, India is emerging as an alternative supply source given its raw materials, low labour costs, growing manufacturing knowhow, and entrepreneurial ability, Petroleum Minister Hardeep Puri said on Friday,

Addressing the annual meeting of industry chamber PHDCCI, Puri said that with the transition witnessed by 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 per cent (0.25 million square km) to 15 per cent (0.5 million sq. kms) 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 biofuel revolution, he noted that the ethanol blending that has increased from 1.53 per cent in 2013-14 to 11 per cent in 2023.

About India’s manufacturing aspirations, Puri said that the manufacturing sector currently comprises 17 per cent of the nation’s GDP and over 27.3 million workers. The minister said that economic reforms and policies such as GST, IBC, asset monetisation, labour law reforms, PLI, National Infrastructure Pipeline, and Gati Shakti mission for multimodal connectivity, have fixed many structural deficits.