Dear Editor,
Oil is not only the hedge against the crises that arise following turmoil in the OPEC countries but also the foundation upon which India can rest on to fight any battle. Unlike China which is dependent upon the narrow Malacca Straits, we have secure passage for our oil supplies. Still, geopolitics demands that we are not lulled into complacency. Building storage reserves and land routes are essential. We also need to promote our oil companies so that they become our guarantor of secured supplies; for this, they need to be given more freedom and money. For example, Chinese oil majors are flush with forex which helps them win contracts the world over. With a growing demand for energy, India needs to invest heavily in the renewable energy sector too.
Shashank Jain,
New Delhi
