**Summary:**
On July 1, 2025, Minister of Petroleum and Natural Gas Hardeep S. Puri addressed the 77th Foundation Day of the Institute of Chartered Accountants of India (ICAI) in New Delhi, highlighting India's economic transformation over the past decade. He noted India's rise from the 11th to the 4th largest economy globally, with GDP more than doubling from USD 2.1 trillion in 2014 to USD 4.3 trillion in 2025 and its ambition to become the 3rd largest by 2030.
The Minister emphasized the success of social welfare schemes, including lifting over 27 crore citizens out of multidimensional poverty, sanctioning nearly four crore houses under the Pradhan Mantri Awas Yojana, and providing piped water to 15.4 crore rural households through the Jal Jeevan Mission. Ayushman Bharat has expanded health coverage to over 70 crore individuals with a 5 lakh insurance benefit.
Foreign direct investment inflows increased by 143% between 2014 and 2025, reaching USD 748 billion, with the number of source countries expanding from 89 to 112. Policy reforms such as the Insolvency and Bankruptcy Code, Production-Linked Incentive schemes, the Goods and Services Tax, and Direct Benefit Transfers have strengthened the business landscape, alongside the elimination of over 25,000 compliances and 1,400 obsolete laws.
Tax administration has seen significant growth, with annual Income Tax Returns filed increasing from 3.6 crore in FY 2013-14 to 8.5 crore in FY 2024-25, with 95% processed within 30 days. The banking sector has improved, 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 Unified Payments Interface (UPI) handles nearly 50% of real-time digital transactions globally, serving over 500 million active users, with fintech adoption at 87% compared to the global average of 67%.
The Pradhan Mantri Ujjwala Yojana has delivered over 16.5 crore LPG connections since 2014. The market capitalization of Oil & Gas PSUs has nearly doubled to 8.79 lakh crore since 2014.
Minister Puri urged chartered accountants to adopt artificial intelligence and advanced analytics for strategic advisory roles and data-driven decision-making. He emphasized the importance of transparency, efficiency, and accountability for India to achieve developed nation status by 2047.
The information was released by PIB Delhi on July 1, 2025, at 8:07 PM. Release ID: 2141363.
Key Entities Referenced
Hardeep S Puri: Minister of Petroleum and Natural Gas of India
Institute of Chartered Accountants of India ICAI: A professional accounting body in India.
New Delhi: The location of Bharat Mandapam where Shri Hardeep Singh Puri addressed the 77th Foundation Day of ICAI.
Pradhan Mantri Awas Yojana: A flagship housing scheme by the Government of India to provide affordable housing.
Jal Jeevan Mission: A government of India initiative for providing clean tap water to every household.
Ayushman Bharat: A national public health insurance fund of the Government of India.
Insolvency and Bankruptcy Code: A landmark policy reform aimed at streamlining the insolvency resolution process in India.
Pradhan Mantri Ujjwala Yojana: A flagship scheme by the Ministry of Petroleum and Natural Gas, providing LPG connections to women in India.
Ministry of Petroleum & Natural Gas
India’s Decade of Transformation: Minister Hardeep
S Puri Highlights Economic Growth, LPG
Connections and Oil & Gas Reforms at ICAI
Foundation Day
Posted On: 01 JUL 2025 8:07PM by PIB Delhi
“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, here today. “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 theexpansion 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
yoth.
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
public health. The growing market capitalization of Oil & Gas PSUs—nearly doubling to ₹8.79 lakh crore
since 2014—reflects the sector’s robust performance and the trust of investors.
Looking ahead, the Minister called on chartered accountants to embrace artificial intelligence and advanced
analytics, automating routine tasks to focus on strategic advisory roles and harnessing data-driven insights for
more effective decision-making. “Embracing AI is no longer optional—it is essential for staying competitive
and innovative in today’s evolving financial world,” he noted.
In closing, Shri Puri urged the ICAI community to uphold transparency, efficiency, and accountability as
India marches towards a developed nation by 2047. “On this special day, remember that your profession has
the power to protect and sustain our economy. Your dedication is vital for building Viksit Bharat.”
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MONIKA
(Release ID: 2141363)