Much has been written on how India should respond to the oil crisis triggered by the US-Israel war on Iran. With Tehran and Washington tentatively starting talks in Burgenstock, Switzerland, on Sunday-despite Iran keeping the Strait of Hormuz closed (that the US has denied), the issue will now broaden to how India can capitalise on a potentially more stable energy and trade environment.
GoI has reportedly asked ONGC to develop a 1.75 mn-t storage facility in Mangaluru at an estimated investment of nearly ₹15,000 cr. Other proposals focus on diversifying fuel procurement by exploring alternative or lower-cost energy sources while accelerating investments in carbon-neutral technologies.
