India is set to expand its refinery capacity from 256.8 million metric tonnes per annum (MMTPA) in 2024 to 310 MMTPA by 2028, while ethanol blending in petrol is expected to reach 20% in 2025, Petroleum and Natural Gas Minister Hardeep Singh Puri said. He was addressing the FIPI Oil & Gas Awards 2023 ceremony, which celebrated innovation and leadership across the energy sector.
Highlighting key reforms, Puri said India’s exploration acreage is on track to grow by 16% by 2025, aiming to cover 1 million square kilometers by 2030. He also noted that LPG affordability has been a priority, with PMUY households paying ₹6 per day and non-PMUY households ₹14 per day for cylinder refills.
City Gas Distribution (CGD) coverage has expanded significantly, from 5.5% in 2014 to a projected 100% by 2024. The minister also highlighted the country’s dynamic start-up ecosystem, with over 1,400 deeptech patents filed in the last five years. India now ranks as the third-largest start-up ecosystem globally, with more than 1,00,000 start-ups and nearly 120 unicorns.