India seeks to trim crude import dependence

But ambitious government production targets cannot reverse years of underinvestment and mismanagement

India has been one of the fastest-growing major economies over the last ten years, and this trend is likely to continue. Its expanding economy is also highly dependent on imported crude. In the financial year ending 31 March 2022, the country imported 85.6pc of its crude. that import dependence makes India especially vulnerable to international price shocks. Conversely, even a 1pc reduction in import volumes—through, for example, domestic substitution—would save India $1.406bn, based on volume and prices over the last 12 months. Declining crude production India is not endowed with huge oil reserves but has also not been able to effectively tap the resources it does have or make new discoveri