New Delhi, Nov 14 (IANS) Petroleum Minister Hardeep Singh Puri on Thursday highlighted the role of Public Sector Enterprises (PSEs) in driving India’s remarkable growth story as the country is headed to become the third largest economy in the world.  Sharing key statistics to illustrate the remarkable performance, the minister said that the net worth of Central Public Sector Enterprises (CPSEs) has increased by 82 per cent, from Rs 9.5 lakh crore in FY14 to Rs 17.33 lakh crore in FY23.

Addressing the CII’s PSE summit here, the minister said that 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. He also highlighted that the net profit of profit-making CPSEs grew by 87 per cent, from Rs 1.29 lakh crore in FY14 to Rs 2.41 lakh crore in FY23. Furthermore, the total market capitalisation of all 81 listed PSEs has grown by 225 per cent under the leadership of Prime Minister Narendra Modi, outpacing both the PSE index and the BSE Sensex over the past decade.

The minister praised the resilience and performance of the PSEs over the last decade, noting that their contributions have been integral to India’s economic stability and 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 outlined a vision for India's energy sector, emphasising 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.

As an example of India’s focus on sustainability, Puri highlighted the significant progress in bioethanol blending. “From 1.53 per cent in 2014, ethanol blending has surged to 15 per cent in 2024, with the government advancing the target of 20 per cent blending to 2025 - five years ahead of schedule,” he said. The Minister also revealed that discussions have already started on developing a roadmap for the post-2025 phase i.e. after the attainment of the 20 per cent ethanol blending target, ensuring continued growth in the bioethanol sector, and advancing India’s renewable energy goals.

On the subject of fossil fuels, the Minister acknowledged that while India is steadily transitioning to cleaner energy sources, fossil fuels will continue to be part of the energy mix for the foreseeable future. He highlighted that the government's approach would be to balance the energy transition while ensuring energy security, stability, and affordability for all citizens.

Puri also highlighted the major reforms in the Exploration and Production (E&P) sector, which have opened up significant 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 kilometres in a single bid round under the Open Acreage Licensing Policy (OALP). Of these, 13 blocks, covering 51,405 square kilometres, were previously classified as ‘No-Go’ areas," he said.

/IANS