India's top economic advisor, C Rangarajan, has called for a strategic shift in the country's energy policy, urging the government to increase oil reserves and reduce reliance on energy imports. The recommendation comes amid growing concerns over global trade disruptions, which have affected supply chains and energy markets. Rangarajan emphasized the need to strengthen domestic production and prioritize innovation to ensure energy security.
The expert highlighted that India's current energy import dependency remains high, with over 80% of its oil needs met through imports. This has made the country vulnerable to price fluctuations and geopolitical tensions. To mitigate these risks, Rangarajan proposed a multi-pronged approach, including expanding exploration in domestic oil fields, investing in renewable energy technologies, and enhancing storage capacity.
This advice follows a series of recent reports indicating that global trade tensions and supply chain bottlenecks have led to increased energy prices and reduced availability. The Indian government has been under pressure to diversify its energy sources and reduce its dependence on foreign markets. Rangarajan's comments come as part of a broader discussion on economic resilience in the face of global uncertainties.
