New Delhi, February 8: Sanjeev Sanyal, a member of the Prime Minister’s Economic Advisory Council, emphasized that India will always focus on securing the most affordable resources for the country. When asked about the impact of the India-US Free Trade Agreement (FTA) on India’s oil procurement policy, he made this statement.
Sanyal stated that it has always been a priority to seek inexpensive resources for the Indian economy, and this approach will continue in the future.
Speaking at the NDTV Profit Conclave 2026, Sanyal remarked that the India-US FTA would be a beneficial deal for both nations. “We will get the agreement we desire. The agreements and transactions will be structured to benefit India. There is a strong deal in the pipeline. From my understanding, India has secured what it wanted, and so has the US. This will be a good deal for both,” he said.
Sanyal also highlighted the difference between the mindset of the 1960s and today’s focus on self-reliance. He noted that previously, India emphasized self-production and restricted imports, but the definition of self-reliance has evolved.
Today, self-reliance focuses on strategic and economically essential resources. “We are not trying to save everything. Our attention is now also on exports, which was not the case in the 1950s and 1960s,” he added.
Sanyal affirmed that India will build necessary international relationships to procure affordable energy for its 1.4 billion citizens.
He further stated, “If we find that doing something in India is not economically viable, we will make agreements with other countries to carry out that work for us.”
He provided an example, mentioning that India is not a resource-rich country in terms of oil and gas. “We need to continue exploring, but ultimately, we will have to rely on other countries,” he said.
Sanyal concluded that the central government’s primary goal is to ensure the country receives affordable fuel while also considering global conditions and the sensitivities of other nations.
He explained that if someone were to suggest importing crude oil from Venezuela today, India would decline, as its refineries cannot currently process the heavy crude from there. However, he noted that over time, India could adapt to such changes.
Leave a Comment