Indian Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday that the New Delhi’s policies to ensure energy security amid the global price volatility offers a “replicable example” for low and middle-income nations of the Global South.
Addressing the energy ministers’ session of the ‘Voice of Global South Summit’, Puri noted that the world was going through an “unprecedented crisis of food, fuel and fertilizers”.
“We are experiencing extreme price volatility in energy molecules. The most acute impact of this is felt on the Global South,” Puri underscored.
However, despite the volatility in global commodity prices, India has been able to ensure “energy security for its citizens”.
Puri underscored that diversification of supplies, an increased use of alternative energy sources such as biofuels, ethanol, green hydrogen and solar energy, together with a focus on energy transition constituted the main pillars of India’s energy security policy.
Puri further assumed that a large share of the global crude demand in 2023 would come from India, which has been projected to grow at a faster rate than other major economies amid global headwinds.
India Boosts Energy Ties With Russia
Last year, India significantly scaled up its imports of Russian crude amid surging energy prices caused by western governments’ efforts to phase out Russian commodities from global supply chains in the wake of the special military operation in Ukraine.
Increased crude supplies came despite pressure from Washington and its European allies, who have sought to pressure New Delhi to reduce its reliance on Russia, especially in energy and defese sectors.
India has not only rejected these demands, but doubled down on its “time-tested” ties with Moscow.
Indian Finance Minister Nirmala Sitharaman has said that importing crude from Moscow is part of New Delhi’s “inflation management strategy”.