Archive · 2 Nov 2025
India's Energy and Shipping Sectors Crucial for Economic Growth
India needs a lot of oil and gas, and it has to bring most of it from other countries using big ships.
The country is using more oil every year, so it will need even more ships.
These ships cost a lot of money to rent.
Indian companies have spent billions of dollars on renting ships instead of buying their own.
This shows how important it is for India to have its own ships to move energy safely and perhaps cheaper.
The growth of energy and shipping is like the legs that help India's economy stand strong and grow.
India's economic growth is closely tied to its energy and shipping sectors.
India's daily crude oil consumption is 5.6 million barrels and is projected to reach 6 million barrels per day.
The country imports 88% of its crude oil and 51% of its gas needs, making the shipping industry vital for energy security.
Oil and gas constitute 28% of India's total trade volume, being the largest commodity handled by ports.
Indian Public Sector Undertakings have spent nearly $8 billion in five years on chartering ships, a sum that could have funded a new fleet of Indian-owned tankers.
- Who
- Hardeep Singh Puri, Minister of Petroleum and Natural Gas; Indian oil marketing companies (IOCL, BPCL, HPCL)
- What
- Discussion on the interconnectedness of India's energy and shipping sectors, highlighting the country's growing energy consumption, import dependency, and the significant costs associated with chartering ships for energy transport.
- When
- Recently, as part of India Maritime Week 2025
- Where
- Mumbai, India
- Why
- To emphasize the critical role of the energy and shipping sectors in India's national development and economic growth, and to address the substantial expenditure on chartered ships.
- Daily Crude Oil Consumption
- 5.6 million barrels (projected to reach 6 million)
- Crude Oil and Petroleum Products Imports (2024-25)
- 300 million tonnes
- Crude Oil and Petroleum Products Exports (2024-25)
- 65 million tonnes
- Oil and Gas Trade Volume Share
- 28%
- Crude Oil Import Dependency
- 88%
- Gas Import Dependency
- 51%
- Spent by Indian PSUs on Chartering Ships (last 5 years)
- $8 billion