India's energy demand boom to reshape global markets, says Rosneft chief

India's energy landscape has evolved significantly since independence. The Oil and Natural Gas Commission (ONGC) was established in 1956 to explore domestic hydrocarbon reserves. The Indian oil sector was liberalised in the 1990s, opening the market to private and foreign players. The Public Private Partnership model in petroleum refining, such as the Jamnagar refinery, emerged in the late 1990s. The India-Russia energy partnership is longstanding, with Soviet-era cooperation in oil and gas exploration. More recently, after the Russia-Ukraine conflict in 2022, Western sanctions prompted Indian refiners to increase purchases of discounted Russian crude, making Russia one of India's top oil suppliers. India's energy demand has grown consistently, driven by economic expansion, urbanisation, and rising per capita consumption. The Government's key initiatives include the Hydrocarbon Vision 2025, the National Biofuel Policy (2018), and the target of 500 GW renewable energy capacity by 2030. However, India remains heavily import-dependent, meeting about 85% of its crude oil needs through imports. The International Energy Agency (IEA) has acknowledged India's growing role in global energy markets, projecting it to become the largest contributor to global energy demand growth by 2030.