Atmanirbharta may help India’s other oil problem

The ongoing increase in fuel prices – petrol prices increased to ₹89.89 per litre in Delhi on February 18 – has been making a lot of headlines. While the current surge is on account of rise in crude oil prices, the fact that both central and state governments, especially the former, have not brought down taxes on fuel has not helped. The base price of petrol in Delhi was just ₹31.82 per litre on February 16, according to data from the Indian oil website.

Speaking at an event in Tamil Nadu, Prime Minister Narendra Modi linked the issue with India’s high import-dependence for energy needs. “Can a diverse and talented nation like ours be so energy import dependent?” he asked, addressing an online event to inaugurate oil and gas projects in poll-bound Tamil Nadu. “I do not want to criticise anyone but I want to say (that) had we focused on this subject much earlier, our middle-class would not be burdened.”

India imports more than 80% of its crude oil requirement. To be sure, self-dependence in petroleum is contingent on having crude petroleum reserves, which India does not have in large amount, but India could tap other sources of energy, such as solar – which is what it is now doing. Interestingly, the PM’S cue for the pursuit of self-dependence is relevant for another oil problem facing India, that of edible oils.