Page 42 - Policy Economic Report - November 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

particularly in clean energy and emerging technologies, and reflects the Prime Minister’s commitment to
translating this partnership into practical and transformative outcomes.

Minister Puri emphasised that India is opening up over USD 500 billion in investment opportunities across
exploration and production, LNG, city gas distribution, hydrogen, shipping, and new fuels. India, with its
large and young workforce, strong reform-driven business environment, and the spirit of Make in India
for the World, offers immense potential for Japanese investors. Japan, in turn, brings cutting-edge
technology, advanced industrial systems, expertise in high-quality infrastructure, and global leadership in
green and environmental technologies—making the partnership inherently complementary.

He underlined that India’s policy landscape has been transformed through 100% FDI in energy sectors,
transparent bidding, and year-round exploration licensing, creating a predictable and investor-friendly
environment. The Minister noted that India’s six major oil and gas PSUs recorded revenues of about USD
315 billion in FY 2024–25, representing nearly 8% of India’s GDP. Such scale, he said, positions India as a
global anchor in the energy sector and a reliable long-term partner for Japanese companies.

The Minister highlighted that India today is the world’s third-largest oil consumer and will account for
nearly 30% of incremental global energy demand over the next two decades. He noted India’s expanding
natural gas infrastructure—which includes an investment outlay of approximately USD 72 billion—as a
major area of synergy with Japan’s technological strength, especially in integrating gas with future energy
solutions such as hydrogen.

Shri Puri recalled the long-standing trust between the two countries, citing the example of the Maruti-
Suzuki partnership, which reshaped India’s industrial landscape. He said that today, India and Japan stand
at a similar inflection point in the energy sector—one where they can build world-class capabilities, co-
create resilient supply chains, develop skilled human capital, and jointly strengthen the energy security of
the Indo-Pacific.

Shri Manohar Lal inaugurated India’s First MWh-Scale Vanadium Flow Battery at NTPC NETRA

Shri Manohar Lal, Minister of Power and Housing & Urban Affairs, inaugurated India’s largest and first
MWh-scale Vanadium Redox Flow Battery (VRFB) system of 3 MWh capacity. This milestone project marks
a major step forward in the nation’s journey towards long-duration energy storage (LDES) solutions,
enhancing renewable energy integration and grid resilience.

The Minister inaugurated the system during his visit to NETRA, the R&D Centre of NTPC at Greater Noida.
He was joined by Shri Pankaj Agarwal Secretary (Power), Additional Secretary Shri Piyush Singh and other
senior officials of Ministry of Power. He was welcomed by Shri Gurdeep Singh, CMD (NTPC) and other
senior officials of NTPC.

The Vanadium Redox Flow Battery is a contemporary technology that has the potential to emerge as one
of the alternatives for more traditional lithium ion-based batteries. The development of this advanced
battery system will widen the pool of elements that can be sourced and used for making battery systems.

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