Modi: India Diversified Energy Imports to 40+ Countries Amidst Crisis
GS2Polity · Governance · IR· India's bilateral relations· Prelims + Mains·
Why in news
PM Modi highlighted India's strategic diversification of energy imports to over 40 countries to mitigate the impact of the global energy crisis.
Background
India expanded its energy import sources to over 40 countries during the Middle East crisis. The government absorbed over Rs 75,000 crore in oil company losses by reducing excise duties to stabilize domestic fuel prices.
Facts for Prelims
- FactIndia expanded energy import sources to over 40 countries to ensure energy security.
- FactThe government absorbed over Rs 75,000 crore in losses from oil companies due to global price hikes.
- PlaceRajasthan hosts India's first greenfield integrated refinery-cum-petrochemical complex.
For Mains
Q. Analyze how India's strategy of energy diversification and diplomatic engagement serves as a tool for ensuring national energy security amidst global geopolitical volatility.
Dimensions to cover in your answer
- Geopolitical hedging: Balancing ties with multiple energy-producing nations to mitigate regional supply shocks.
- Fiscal intervention: Trade-off between direct revenue loss from excise duty cuts and maintaining domestic price stability.
- Infrastructure autonomy: Reducing import dependency through the development of greenfield refinery-cum-petrochemical complexes.
Keywords: Energy Security · Strategic Autonomy · Fiscal Buffer · Supply Chain Resilience · Diplomatic Hedging
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