India, July 16 -- India's transformation into a major refining power represents one of the most significant developments in the global downstream energy landscape over the past three decades. For decades, the country's energy story was defined by dependence: a rapidly growing economy with limited domestic crude production and heavy reliance on imports. Today, that narrative is changing. India is emerging as one of the world's most important processors and exporters of refined petroleum products.

Just three decades ago, India's refining sector was largely inward-looking, focused primarily on meeting domestic shortages rather than competing in global markets. The transformation began with economic liberalisation in the 1990s and accelerate...