Puri said India currently consumes 5.6 million barrels of crude oil per day and will soon reach 6 million barrels. The International Energy Agency estimates India will drive 30% of the global rise in energy demand over the next two decades. This will increase the country’s shipping needs for oil and gas transport.

During 2024-25, India imported 300 million metric tonnes of crude and exported 65 million tonnes. About 88% of crude and 51% of gas needs come from imports. Puri urged for stronger Indian ship ownership since only 20% of trade cargo moves on India-flagged vessels.

The minister said the government is promoting domestic shipbuilding, vessel financing, and cargo aggregation for PSUs. He noted that port capacity has nearly doubled since 2014, reflecting India’s vision to build a self-reliant maritime economy.

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