By Krishnan Nayar
NEW DELHI, 11th January 2023 (WAM) — India has a four-pronged energy security strategy, which has "enabled the country to navigate through the most formidable energy crisis the world", according to Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas.
The four planks of this strategy are: diversification of energy supplies, increasing oil and gas exploration and production, alternate energy sources and energy transition through gas, green hydrogen and electric vehicles.
“India increased the number of its crude oil suppliers from 27 countries in 2007 to 39 countries in 2022” as demand for oil soared with the expansion of the economy, he said.
“India intends to increase its exploration acreage to half a million sq. km. by 2025 and one million sq. km. by 2030. Diesel prices in India rose by only three percent in the last one year, whereas they went up by double digits in the entire developed world.”
This was due to the excise cuts by the federal government and value added tax cuts by state governments, pushing up energy demand and fuel consumption.