With increasing tension in West Asia resulting in higher oil prices and disruptions in energy supplies, Arvind Virmani, former member of NITI Aayog, has recommended that India expedite its efforts in investing in solar energy, batteries, and electricity grid improvements to lower its dependency on oil and gas imports. According to Virmani, India requires both immediate and long-term approaches to cope with the situation due to increasing fuel prices, as per reports from an agency.

During his discussion with the agency, Virmani mentioned that India depends on imports for almost 70-80 percent of its oil and gas needs, thereby making the nation extremely susceptible to international political tensions and shortages. The increase in oil prices is already having an impact on transport and production costs in the country.

He stressed that the government needs to slowly transfer the burden of increasing fuel prices instead of imposing heavy subsidies on its citizens and concentrate more on the growth of renewable energy sources. He added that by enhancing the solar energy system in India, electricity distribution networks, and energy storage systems, dependence on fossil fuels can be minimised.

Virmani also highlighted that clean energy transition is not only important for energy security but economic stability and mitigation of climate change. In fact, it was mentioned that India needs to take advantage of this moment in order to achieve sustainability in terms of energy security.

This statement is made against the background of growing concern about the possible shortage of oil supplies at the international level due to conflicts that are prevailing in the Gulf region. This could eventually lead to increased prices of fuels internationally. As per reports from agency, the policymakers have recognised the problem and are taking necessary steps to protect the Indian economy.