
Nagesh Kumar, director of the Institute for Studies in Industrial Development, and a member of the Monetary Policy Committee. File
| Photo Credit: The Hindu
The ongoing West Asia conflict has highlighted India’s structural vulnerability to energy shocks, reinforcing the need to reduce dependence on imported crude and accelerate efforts to strengthen energy security, according to an external member of the RBI’s rate-setting panel.
Nagesh Kumar, who is the director of the Institute for Studies in Industrial Development and also a part of the Monetary Policy Committee, said the Indian approach needs to focus both on stepping up oil exploration domestically and hastening the transition to alternative sources.
“The high dependence on imported crude makes the Indian economy highly vulnerable to volatility in the hydrocarbons market. While India’s macroeconomic fundamentals remain resilient, and the Indian economy will continue to remain the fastest growing major economy with a growth rate of nearly 7% in 2026-27, it is time to prioritise energy security and resilience for sustaining the accelerating economic growth trajectory,” Mr. Kumar said in an interview with PTI.
Published – May 05, 2026 02:24 pm IST
