India is on track to become the third-largest economy in the world within the next five years and a developed nation by 2047, Hardeep Singh Puri, Minister of Petroleum and Natural Gas, asserted today at the 12th Public Sector Enterprises (PSE) Summit, organised by the Confederation of Indian Industry (CII). Reflecting on India’s remarkable transformation from a fragile economy in 2014 to the world’s fifth-largest economy today, Puri highlighted the pivotal role of Public Sector Enterprises (PSEs) in driving this growth and advancing the country’s sustainable energy future.

In his address, Puri underscored that India’s growth trajectory has been fueled by comprehensive economic reforms and the unwavering dedication of its PSEs. He praised the resilience and performance of Public Sector Enterprises, noting that their contributions have been crucial to both the nation’s economic stability and its ongoing progress. “As we look to the future, the next few years will be critical in laying the groundwork for India’s next leap forward,” he said.

The Minister also shared impressive statistics demonstrating the progress of India’s Public Sector Enterprises. The net worth of Central Public Sector Enterprises (CPSEs) has surged by 82%, from Rs 9.5 trillion in FY14 to Rs 17.33 trillion in FY23. Additionally, the contribution of CPSEs to the national exchequer—through excise duties, taxes, and dividends—has more than doubled, rising from Rs 2.20 lakh crore in FY14 to Rs 4.58 lakh crore in FY23. Puri also highlighted that the net profit of profit-making CPSEs grew by 87%, from Rs 1.29 lakh crore in FY14 to Rs 2.41 lakh crore in FY23. Furthermore, the market capitalization of all 81 listed PSEs has risen by 225% over the past decade, outpacing both the PSE index and the BSE Sensex under the leadership of Prime Minister Narendra Modi.

Turning to India’s energy future, Puri outlined a vision rooted in three key principles: availability, affordability, and sustainability. “Sustainability is the cornerstone of our energy strategy and aligns directly with our larger vision of transforming PSEs into engines of sustainable growth,” he said.

A key example of India’s sustainability drive, Puri pointed to the progress made in bioethanol blending. “From 1.53% in 2014, ethanol blending has surged to 15% in 2024, with the government advancing the target of 20% blending to 2025—five years ahead of schedule,” he noted. He also revealed that discussions are underway to develop a roadmap for the post-2025 phase, ensuring continued growth in the bioethanol sector and further advancing India’s renewable energy goals.

While highlighting India’s transition towards cleaner energy sources, Puri acknowledged that fossil fuels will remain part of the energy mix for the foreseeable future. He emphasized the government’s approach of balancing the energy transition while ensuring energy security, stability, and affordability for all citizens.

Puri also touched upon significant reforms in the Exploration and Production (E&P) sector, which have unlocked new areas for oil and gas exploration. “We have reduced No-Go areas in Exclusive Economic Zones (EEZ) by 99%, allowing for the largest-ever offering of 1,36,596 square kilometers in a single bid round under the Open Acreage Licensing Policy (OALP). Of these, 13 blocks, covering 51,405 square kilometers, were previously classified as ‘No-Go’ areas,” he explained.

Additionally, the Minister highlighted India’s growing potential in green hydrogen, noting that the country’s local demand, production capacity, and consumption patterns make it an ideal candidate to become a global leader in green hydrogen production. He also pointed to the integration of Artificial Intelligence (AI) in India’s energy systems, calling technological innovation a key driver of efficiency and sustainability.

Puri concluded his address by congratulating the CII for its efforts in empowering Public Sector Enterprises and providing a platform for collaboration and knowledge exchange. “These summits enable PSEs to share experiences, challenge norms, and find solutions for future challenges,” he said. He emphasised the importance of collective efforts from all stakeholders in building a future where India’s PSEs stand as pillars of excellence, integrity, and progress, guiding the nation toward sustainable growth.