Below the line - The HinduBusinessLineSENSEX 83,938.71 -465.75NIFTY 25,722.10 -155.75CRUDEOIL 5,420.00+ 29.00GOLD 121,300.00 -208.00SILVER 148,424.00 -416.00SENSEX 83,938.71 -465.75NIFTY 25,722.10 -155.75NIFTY 25,722.10 -155.75CRUDEOIL 5,420.00+ 29.00CRUDEOIL 5,420.00+ 29.00GOLD 121,300.00 -208.00'; } document.getElementById("lgdv").innerHTML = htmlElements; } function numberformat(i) { return Number(parseFloat(i).toFixed(2)).toLocaleString('en', { minimumFractionDigits: 2 }) } async function gatherResponse(response) { const { headers } = response; const contentType = headers.get('content-type') || ''; if (contentType.includes('application/json')) { return await response.json() } return response.text(); } function getWidth() { if (Math.max(document.body.scrollWidth,document.documentElement.scrollWidth,document.body.offsetWidth,document.documentElement.offsetWidth,document.documentElement.clientWidth) > 991) { document.getElementById("mob").style.display = "none"; document.getElementById("lgdv").style.display = "block"; } else { document.getElementById("mob").style.display = "block"; document.getElementById("lgdv").style.display = "none"; } } getWidth();]]>Union Minister for Petroleum and Natural Gas Hardeep Singh Puri (file photo) | Photo Credit: Ravi ChoudharyOil economicsRecently, Hardeep Singh Puri, Minister of Petroleum and Natural Gas, addressed the ‘Revitalizing India’s Maritime Manufacturing Conference’ held in Mumbai as part of India Maritime Week 2025.In his usual style, Puri connected the threads between the two sectors and said “India’s rapid economic growth is closely connected to the progress of its energy and shipping sectors, which together serve as strong pillars of national development.”But, the most important component followed, when he spoke about energy sector, Puri said “India currently consumes about 5.6 million barrels of crude oil per day, compared to 5 million barrels four and a half years ago. At the present rate of growth, the country will soon reach 6 million barrels per day.”“...this growing energy requirement will naturally increase India’s need for ships to move oil, gas, and other energy products across the world. During 2024-25, India imported around 300 million tonne of crude and petroleum products and exported about 65 million tonne. The oil and gas sector alone accounts for nearly 28 per cent of India’s total trade by volume, making it the largest single commodity handled by ports. He said that India currently meets about 88 per cent of its crude oil and 51 per cent of its gas needs through imports, which shows how important the shipping industry is for the country’s energy security.”“The freight cost forms a significant part of the total import bill. Oil marketing companies pay around $5 per barrel to transport crude from the United States and about $1.2 from the Middle East. Over the last five years, Indian PSUs such as IOCL, BPCL, and HPCL have spent nearly $8 billion on chartering ships, an amount that could have built a new fleet of Indian-owned tankers,” he said.Clear indication who is taking the hit!‘Ministerial’ goof-upIt was a case of mistaken identity. At last week’s India Maritime Week 2025 in Mumbai, Tamil Nadu Industries Minister TRB Rajaa was seated in the front row — VIP seat — waiting for the panel discussion to get over.A young volunteer requested the Minister to vacate the seat stating that it was for the chief guest for the following session. The Minister just smiled while the person sitting next to him told the volunteer that he was the Minister. The volunteer panicked and apologised to the Minister for the goof-up, and left the scene hurriedly.Revealed: Politicians’ stock holdingsPerplexity CEO Aravind Srinivas announced that Perplexity Finance will soon include data on the shareholdings of Indian politicians, similar to the information it already provides for US politicians. He made the statement in response to a user on X. While many users praised this announcement as a major step toward transparency, others noted that politicians often don’t trade under their own names, instead using those of spouses or children.Indian politicians are required to declare their wealth and assets to the Election Commission.Published on November 2, 2025Sign into Unlock benefits!Access 10 free stories per monthAccess to comment on every storySign up/Manage to our newslettersGet notified by email for early preview to new features, discounts & offers${ ind + 1 } ${ device }Last active - ${ la }