India now world’s fourth-largest economy, soon to be third: Petroleum Minister Hardeep Singh Puri

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Tuesday highlighted India’s remarkable economic rise, noting that the country has now emerged as the world’s fourth-largest economy and is steadily advancing towards becoming the third-largest in the near future.

Addressing the gathering during the fireside chat at the 28th Energy Technology Meet in Hyderabad, the union minister spoke about the role various sectors, particularly energy and electronics, are playing and the contribution of the country’s push towards Aatma Nirbharta.

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Stating that India is the world’s third-largest oil consumer and is projected to drive over one-third of global oil demand growth over the next two decades, emerging as the single largest contributor to global Oil demand expansion among major countries, Puri said, “The sector contributes 19% to the country’s overall tax revenues. This scale gives us a unique advantage: we are among the few growing refining markets globally.”

He further highlighted that India now exports refined products to 50+ countries, valued at over US $45 billion (FY 2024-25) ranking among the top seven exporters globally, with the ambition to enter the top three.

“On the supply side, India sources crude from 40+ nations, creating one of the most diversified and resilient energy portfolios in the world. India’s refining ecosystem is already over 80% indigenized, with domestic companies now delivering engineering design, fabrication, instrumentation, and operations which is a remarkable leap from less than half that a decade ago,” he said.

“Our refinery catalyst market, valued at nearly US $1.4 billion, still imports 70–75% of its demand presenting us a major opportunity for local innovation and production. Our refining and petrochemical sector is not just meeting national energy needs; it is shaping India’s industrial transformation. We are moving away from standalone refineries toward fully integrated energy and industrial ecosystems and hubs that combine refining, petrochemicals, green hydrogen, and logistics,” the minister added further.

Stating that Rajasthan based refinery of Hindustan Petroleum Corporation Limited (HPCL), with a capacity of 9 million metric tonnes per annum and 26% petrochemical intensity, is a prime example, Puri said that it represents a major investment that generates thousands of man-days of employment annually and is transforming the regional economy.

“India is also uniquely positioned to meet a significant share of global SAF demand, with the capacity to eventually produce 8-10 million mt annually, enough to meet over 5% of global SAF requirements,” he added further.