Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said India’s rapid economic rise is deeply connected to the growth of its energy and maritime sectors, calling them key pillars of national development.
Speaking at the ‘Revitalizing India’s Maritime Manufacturing Conference’ in Mumbai under the India Maritime Week, he noted that India’s $4.3 trillion economy draws nearly half its output from trade, highlighting the importance of shipping for growth.
Puri said India’s crude oil consumption has reached 5.6 million barrels a day and will soon touch six million. The International Energy Agency projects that India will drive 30% of global energy demand growth in the next two decades. With 88% of crude oil and 51% of gas imported, shipping remains vital to India’s energy security.
The Minister pointed out that Indian PSUs have spent USD 8 billion in the past five years chartering foreign ships—money that could have built a domestic tanker fleet. Currently, only 20% of India’s trade cargo is moved on Indian-flagged or owned vessels. The government is promoting initiatives like the Ship Owning and Leasing (SOL) model, a Maritime Development Fund, and the Shipbuilding Financial Assistance Policy 2.0 to strengthen local capacity.
Further he highlighted that India’s port capacity has nearly doubled since 2014, with faster cargo handling and reduced turnaround times. The Sagarmala Programme has mobilized over ₹5.5 lakh crore for port modernization and coastal connectivity”
Puri said India’s shipyards—Cochin Shipyard, Mazagon Dock, GRSE, and HSL—are now producing world-class vessels in partnership with firms like Daewoo, L&T, and Mitsui OSK Lines. He projected that the maritime sector will attract ₹8 trillion in investment and create 1.5 crore jobs by 2047, helping India play a bigger role in global trade routes such as the India–Middle East–Europe Corridor.
He emphasized that India views its oceans as pathways to prosperity, and is committed to building more ships, promoting green shipping, and making the maritime sector a key driver of a developed, self-reliant Bharat.
India Maritime Week 2025, organised by the Ministry of Ports, Shipping and Waterways from October 27 to 31 under the theme “Uniting Oceans, One Maritime Vision,” has brought together policymakers, industry leaders, and experts from across the world to deliberate on sustainable maritime development. The event has become a platform to reaffirm India’s focus on innovation, green growth, and maritime security.