Medak, June 23: India should diversify its energy sources and trade links to reduce risks from geopolitical disruptions, NITI Aayog Vice Chairman Ashok Kumar Lahiri said while releasing the eighth edition of Trade Watch Quarterly.
Lahiri said the recent West Asia conflict created short term supply chain challenges but also highlighted the need for stronger energy security and diversified import channels. He expressed optimism that India and the United States would conclude a bilateral trade agreement soon.
Energy Diversification Key for Long Term Stability
Explaining the impact of the crisis, Lahiri compared it to a temporary illness and said countries should avoid dependence on a single source for critical imports.
He said India should diversify not only energy imports but also export markets to improve resilience against global disruptions. He also noted that NITI Aayog has suggested including dedicated chapters on pharmaceutical products while negotiating future free trade agreements.
The comments come after disruptions linked to tensions in West Asia and concerns around the Strait of Hormuz, one of the world’s most important oil transit routes. Global energy markets reacted sharply during the period due to supply concerns.
India remains one of the world’s largest crude importers and continues to focus on expanding supply options while strengthening energy security and economic stability.
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