19. The question of India's Energy Security constitutes the most important part of India's economic progress. Analyse India's energy policy cooperation with West Asian Countries. (250 words)
- India imports close to 80% of the oil and natural gas resources for fulfilling its energy demand and 60% of it comes from the West Asian countries mainly from (Saudi Arabia, UAE, Qatar, Iran etc). Strong relations with these countries are really important for ensuring sustained energy supplies to India.
- So, for strengthening energy cooperation with the West Asian countries, India is revamping its priorities and policies according to the time and needs. In this pursuit India envisaged its Look West Policy in complementarity to the look East Policy of the West Asian country.
- Now India has moved from mere buyer-seller relationship to co-developer relationship as India has signed agreements with many West Asian countries for joint exploration and production.
- India has also started currency swap agreement like with Iran, in which India can pay in rupee for the oil supplies, however after the lifting of the sanction on Iran this agreement was taken away.
- In strengthening the energy relations India is also participating in the INSTC (India North South
- Transport Corridor) which will run through Iran. India will use this in future to further enter in the West Asian countries for peace and stability. So that India's energy supplies will not get hamper.
- Diplomatic and strategic relations with the West Asian 'countries are indirectly linked with the energy relations. For this, India is maintaining relations with Iran, Saudi Arabia and Iraq simultaneously without affecting any in a negative way.
- India is also entering into arrangements with GCC countries for securing the sea lanes of trade throughout the persian gulf. India is acting as a security provider for the maritime transport and after the Chabahar port development at Iran coast the energy supplies will get more secured.
- All these policies from the side of Indian Government are mainly directed towards securing India's energy demands which is very crucial for the economic development of the country.