The question of India’s Energy Security constitutes the most important part in India’s economic progress. Analyze India’s energy policy Co-operation with West Asian Countries.
India’s per capita energy consumption is one of the lowest in the world. With economic progress and increasing economic prosperity it is expected that energy consumption by India will increase. More than 80% of India’s energy needs are met by imports. Any disruption in energy supplies would significantly impact Indian economy.
Apart from diversifying its consumption basket and increasing domestic exploration, India has partnered with West Asian Countries for reliable supply of oil and Gas.
In the foreseeable future oil and gas are expected to play a significant share in India’s energy basket. India’s decision to establish a strategic oil reserve can mitigate the adverse consequences of short term oil disruptions not prolonged disruption or permanent denial of supplies.
India has signed bilateral agreements with many West Asian nations in a bid to ensure reliable supply of oil. In 2016, India and UAE struck a deal to fill half of underground crude oil storage facility. The deal is part of India’s strategic petroleum reserve system.
India has also struck deal with Iran and played a proactive role in preventing any escalation of tensions and ensuring stability in the rivalry striven region.
India has also got to secure its Sea Lines of Communication (SLOC) between West Asia and India to ensure an interrupted supply from the region. India has joined alliances such as IORA (Indian Ocean Rim Association) and IOR-ARC. It has also actively patrolled the region to ward off any piracy attempts and maintain security and stability.
India has also invested and planned for pipelines such as TAPI (Turkmenistan-Afghanistan- Pakistan-Iran), IPI(Iran-Pakistan-India), etc to ensure reliable and low cost supplies.
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