ANI New Delhi

India is planning a major shift in its energy shipping strategy by building its own fleet of oil tankers to reduce the massive freight costs currently paid to foreign vessel operators, Union Petroleum and Natural Gas Minister Hardeep Singh Puri announced on Wednesday.

Speaking at India Maritime Week 2025 in Mumbai, Puri revealed that India's three major oil marketing companies--Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum--spend approximately USD 8 billion over five years on chartering foreign ships, an amount sufficient to purchase an entirely new fleet of crude-oil tankers.

The Minister highlighted a striking imbalance, while the oil and gas sector accounts for nearly 28 per cent of India's total trade by volume, making it the single largest commodity group at Indian ports, only around 20 per cent of this cargo is carried on Indian-flagged or Indian-owned vessels. 

"This challenge we are now turning into an opportunity," Puri stated, outlining plans to significantly boost India's maritime capabilities in the energy sector. India's energy import dependence remains substantial, with the country meeting nearly 88 per cent of its crude oil and 51 per cent of its natural gas requirements through imports. In the fiscal year 2024-25, the crude import bill alone crossed USD 150 billion.

‘Maritime sector to draw `8 tn investment by 2047’ India's maritime sector is set to attract trillions of investments and create more than one crore new jobs by 2047, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said. 

"The maritime sector is poised to attract Rs 8 trillion of investment in trade, and create over 1.5 crore new jobs by 2047," he stated, adding that India's economic progress is closely tied to its maritime strength. Puri said that India's maritime journey is entering a phase of rapid growth, anchored in trade, innovation, and global partnerships.