Fuel prices remained stable for four years despite global cues: Hardeep Puri at Surat VGRC

Union Petroleum Minister Hardeep Singh Puri on Friday highlighted India’s energy decoupling from global volatility, noting that petrol and diesel prices have remained unchanged for four years, providing a bedrock for industrial growth.

Speaking at the inauguration of the third Vibrant Gujarat Regional Conference (VGRC) in Surat, Union Petroleum Minister Hardeep Singh Puri anchored the day’s discussions by focusing on India’s economic resilience. He noted that while global supply chains faced unprecedented disruptions and crude oil prices fluctuated wildly, the Indian government ensured that fuel prices stable for over four years, shielding the domestic economy from the hyper-inflation seen in neighbouring nations.

The minister’s remarks set the tone for a day dominated by high-level diplomatic engagements and massive infrastructure projections for South Gujarat. The conference, held on May 1, saw the participation of Chief Minister Bhupendra Patel, Union Minister CR Patil, and several international delegations keen on tapping into Gujarat’s industrial ecosystem.

Stability as an investment magnet

Minister Puri emphasized that the decision to maintain price parity was not just a consumer-centric move but a strategic industrial one. By avoiding sharp spikes in energy costs, the government has provided a "highly reliable, inflation-resistant baseline" for long-term investments. This stability, he argued, is a primary reason why foreign capital continues to flow into the state’s manufacturing and energy sectors.

Singapore and Japan eye GIFT City

The diplomatic corridors of the VGRC were abuzz with specific investment proposals. Singapore’s High Commissioner, Simon Wong, held a detailed session with CM Bhupendra Patel, where he pitched Singapore’s plans to develop massive data centres in GIFT City. Wong also projected the precinct as a future hub for USD-INR bond trading and proposed the creation of AI-driven fintech sandboxes to test new financial technologies.

Meanwhile, Japan’s Ambassador Ono Keiichi expressed strong interest in expanding the semiconductor and medical device footprint in Gujarat. He specifically lauded the Ahmedabad-Dholera Expressway, noting that reduced transit times to 1.5 hours have made the region significantly more attractive for Japanese logistics and manufacturing hubs.

Surat’s 2047 growth roadmap

The conference served as a launchpad for NITI Aayog’s master plan for Surat, which aims to scale the city’s economy twentyfold by 2047. Chief Minister Patel stated that Surat is projected to contribute over 35% of Gujarat’s GSDP in the coming decades. To prevent lopsided development, the state is drafting six separate economic master plans covering 20 priority sectors across Surat, Tapi, Navsari, Valsad, Dang, and Bharuch.

“We are launching eight new Smart GIDCs spanning over 5,380 acres,” the Chief Minister told the gathering. This expansion is backed by the existing industrial prowess of the region; Union Minister CR Patil reminded the audience that Surat-produced steel was used in the iconic Chenab Rail Bridge, while Hazira’s artillery units remain backbone of national defense.

Shifting energy and agri-tech paradigms

Beyond heavy industry, the VGRC touched upon the "green" shift. Seminars at Auro University detailed India’s ambitious plan to scale nuclear power capacity to 100GW by 2047. Gujarat is expected to be a central pillar of this transition, leveraging the operational 700MW reactors at Kakrapar.

On the agricultural front, panels discussed the urgent need to substitute imported potash and phosphatic fertilizers with domestic urea and nano-fertilizers. This move is seen as essential to securing India’s food supply chain while reducing the fiscal deficit.

Momentum for South Gujarat

Deputy CM Harsh Sanghavi, closing one of the sessions, highlighted that the state has already cleared ₹5,619 crore in business incentives recently. He expressed confidence that the Surat edition of the VGRC would shatter the MoU records set by previous regional conferences in Mehsana and Rajkot.

As the first day concluded, it became clear that while the fuel prices stable narrative provided the macro-economic context, the micro-level focus remains squarely on diversifying South Gujarat's economy—from rural tourism in Ukai, which received a ₹125 crore boost, to the high-tech corridors of GIFT City.