India does not want to be highly reliant on any single country or limited suppliers in terms of crude oil. Due to growing international conflicts, wars, and rising oil prices, India has diversified its crude oil sourcing sources. As per the Principal Secretary of the Prime Minister, PK Mishra, India is now sourcing crude oil from 43 countries against 27. He said this while addressing the issue of economic security and global uncertainties at Kautilya Economic Conclave 2026, which was held in New Delhi on October 3.

According to PK Mishra, being self-reliant does not mean being isolated from the rest of the world. India needs to stay connected to the rest of the world economically but not become overly reliant on any single country or region or supplier. This implies that India is following a strategy where risks are shared. In case there is any disruption in supplies from one country or there are problems in any sea route, other sources will take care of the requirements.

This is important for crude oil as India imports roughly 90% of its requirements for domestic use of crude oil. Therefore, a war anywhere in the world can affect the economy of India. Recent reports have clearly established a connection between crude oil prices and tensions in the Middle East.

Sharp surges in crude oil prices raise concerns for India. When oil becomes more expensive, the country's import bill increases and demand for the dollar also comes under pressure. This can impact the rupee's movement, inflation, and the trade deficit.

India's crude oil import bill in FY26 was approximately $123.37 billion. According to PPAC data, India imported approximately 245.77 million tonnes of crude oil during this period. Oil prices have also seen sharp fluctuations in recent months. Brent crude oil reached around $108 per barrel in late September, which also impacted the Indian rupee.

PK Mishra also comprehensively explained the definition of self-reliant India. According to him, this does not mean that India does not need any other country. The real goal is to create an economy that can sustain itself even after a major shock and adapt quickly to the circumstances.

Wars, trade disruptions, energy price volatility, and technological advances such as artificial intelligence have opened up new avenues of economic uncertainty. In such an environment, excessive dependence on a single supplier or market can increase risks.

India's similar strategy is also visible in sectors such as critical minerals, energy, and manufacturing. Critical minerals are used in batteries, electric vehicles, renewable energy, and other modern technologies. The supply of many of these essential minerals is concentrated in the hands of a few countries or companies. Consequently, India is focusing on increasing domestic capacity as well as creating supply routes from various countries.

The government has taken steps to enhance exploration, processing, and recycling capabilities within the country through the National Critical Minerals Mission. India has also increased cooperation in this area with countries like the United States, France, Germany, and the Netherlands.

According to P.K. Mishra, increasing domestic capacity in strategic sectors is essential, but this does not mean that everything must be manufactured domestically. Where global supply chains reduce costs and increase competition, it is also important to remain connected to the international market. Therefore, India's strategy appears to be based on three components: increasing domestic capacity where risks are high, increasing suppliers where dependence on a single source is high, and pursuing open markets where global connectivity offers benefits.

The electronics sector is an example of this. Electronics production in India grew from around ₹2 lakh crore in FY15 to nearly ₹13 lakh crore in FY26. Electronics exports increased from around ₹38,000 crore to ₹4.24 lakh crore during the same period. The focus is no longer just on assembly. The government is also trying to develop the entire manufacturing chain in semiconductors, components, pharmaceuticals, and other strategic sectors.

India does not want to be highly reliant on any single country or limited suppliers in terms of crude oil. Due to growing international conflicts, wars, and rising oil prices, India has diversified its crude oil sourcing sources. As per the Principal Secretary of the Prime Minister, PK Mishra, India is now sourcing crude oil from 43 countries against 27. He said this while addressing the issue of economic security and global uncertainties at Kautilya Economic Conclave 2026, which was held in New Delhi on October 3.

According to PK Mishra, being self-reliant does not mean being isolated from the rest of the world. India needs to stay connected to the rest of the world economically but not become overly reliant on any single country or region or supplier. This implies that India is following a strategy where risks are shared. In case there is any disruption in supplies from one country or there are problems in any sea route, other sources will take care of the requirements.

This is important for crude oil as India imports roughly 90% of its requirements for domestic use of crude oil. Therefore, a war anywhere in the world can affect the economy of India. Recent reports have clearly established a connection between crude oil prices and tensions in the Middle East.

Sharp surges in crude oil prices raise concerns for India. When oil becomes more expensive, the country's import bill increases and demand for the dollar also comes under pressure. This can impact the rupee's movement, inflation, and the trade deficit.

India's crude oil import bill in FY26 was approximately $123.37 billion. According to PPAC data, India imported approximately 245.77 million tonnes of crude oil during this period. Oil prices have also seen sharp fluctuations in recent months. Brent crude oil reached around $108 per barrel in late September, which also impacted the Indian rupee.

PK Mishra also comprehensively explained the definition of self-reliant India. According to him, this does not mean that India does not need any other country. The real goal is to create an economy that can sustain itself even after a major shock and adapt quickly to the circumstances.

Wars, trade disruptions, energy price volatility, and technological advances such as artificial intelligence have opened up new avenues of economic uncertainty. In such an environment, excessive dependence on a single supplier or market can increase risks.

India's similar strategy is also visible in sectors such as critical minerals, energy, and manufacturing. Critical minerals are used in batteries, electric vehicles, renewable energy, and other modern technologies. The supply of many of these essential minerals is concentrated in the hands of a few countries or companies. Consequently, India is focusing on increasing domestic capacity as well as creating supply routes from various countries.

The government has taken steps to enhance exploration, processing, and recycling capabilities within the country through the National Critical Minerals Mission. India has also increased cooperation in this area with countries like the United States, France, Germany, and the Netherlands.

According to P.K. Mishra, increasing domestic capacity in strategic sectors is essential, but this does not mean that everything must be manufactured domestically. Where global supply chains reduce costs and increase competition, it is also important to remain connected to the international market. Therefore, India's strategy appears to be based on three components: increasing domestic capacity where risks are high, increasing suppliers where dependence on a single source is high, and pursuing open markets where global connectivity offers benefits.

The electronics sector is an example of this. Electronics production in India grew from around ₹2 lakh crore in FY15 to nearly ₹13 lakh crore in FY26. Electronics exports increased from around ₹38,000 crore to ₹4.24 lakh crore during the same period. The focus is no longer just on assembly. The government is also trying to develop the entire manufacturing chain in semiconductors, components, pharmaceuticals, and other strategic sectors.