Page 39 - Policy Economic Report - July 2025
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July 2025 POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Key Policy developments/Significant news in Energy sector
India’s Decade of Transformation: Minister Hardeep S Puri Highlighted Economic Growth, LPG
Connections and Oil & Gas Reforms at ICAI Foundation Day
“In the past eleven years, India has risen from the eleventh to the fourth largest economy in the world.
Our GDP has more than doubled—from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025” said Shri
Hardeep Singh Puri, Minister of Petroleum & Natural Gas. “We have recently overtaken Japan and are
poised to become the third-largest economy by 2030, overtaking Germany,” the Minister remarked,
highlighting the nation’s resilience during global headwinds and the critical role played by bold policy
reforms, extensive social welfare schemes, and sound financial management.
Shri Hardeep Singh Puri was addressing the 77th Foundation Day of the Institute of Chartered Accountants
of India (ICAI) at Bharat Mandapam, New Delhi, celebrating a decade of transformation marked by
unprecedented economic growth and social progress under the Government of India.
Under the flagship social initiatives, Shri Puri noted, over 27 crore citizens have been lifted out of
multidimensional poverty, nearly four crore houses have been sanctioned under the Pradhan Mantri Awas
Yojana, and 15.4 crore rural households now enjoy piped water through the Jal Jeevan Mission.
Ayushman Bharat has expanded health coverage to over 70 crore individuals with a ?5 lakh insurance
benefit, reinforcing India’s commitment to inclusive development, the Minister added.
The Minister emphasized India’s success in attracting global investment, with USD 748 billion of foreign
direct investment inflows between 2014 and 2025—an increase of 143% over the previous decade—and
the expansion of source countries from 89 to 112. Landmarks in policy reform, including the Insolvency
and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, Direct Benefit
Transfers, and the elimination of over 25,000 compliances and 1,400 obsolete laws, have strengthened
the nation’s business landscape.
The transformation in tax administration underscores India’s evolving financial culture: annual Income
Tax Returns filed grew from 3.6 crore in FY 2013–14 to 8.5 crore in FY 2024–25, with 95% processed within
30 days. Each return, each rupee of tax collected, translates into tangible benefits—LPG connections for
mothers, medicines for the poor, electricity for rural homes, pensions for the elderly, and employment
opportunities for youth.
India’s banking sector has witnessed a historic turnaround, with gross non-performing assets of Scheduled
Commercial Banks dropping from 14.58% in FY 2017–18 to below 3% in FY 2024–25. The digital economy’s
backbone, the Unified Payments Interface (UPI), now handles nearly 50% of real-time digital transactions
globally, serving over 500 million active users. Fintech adoption stands at 87%, compared to the 67%
global average, facilitated by India’s universal digital identity and access through Aadhaar and mobile
services.
Shri Puri also spotlighted the Ministry’s flagship Pradhan Mantri Ujjwala Yojana, which has delivered over
16.5 crore LPG connections since 2014, empowering women, reducing indoor air pollution, and promoting
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