‘India is prepared’: Minister says energy security paramount, will buy oil from best options

India on Wednesday said that it is “well prepared to meet any eventuality” amid shifting global trade dynamics, reaffirming that energy security remains the country’s top priority and India will buy oil from wherever it benefits the most.

“Indian economy is very strong, industry is strong. We will study what will happen; taking appropriate steps so we don’t face harm. World is changing, investment climate is changing and India is well prepared to meet with any eventuality,” said Union Minister of State for External Affairs Kirti Vardhan Singh while speaking to CNN-News18 on the sidelines of the 20th CII India-Africa Business Conclave in the national capital.

Singh pointed out that India will always focus on ties that are mutually beneficial and take steps that serves its national interest.

“In this changing landscape, we must focus on what serves our national interest best, which is fostering linkages that are mutually beneficial rather than exploitative."

The minister said India is intensifying its cooperation with African countries in the critical minerals sector, a key focus area for securing resources essential to its energy and technology goals.

“Our trade with Africa goes back hundreds of years. It is a relationship built on trust and continuity. Africa has immense potential and resources; India sees the continent as a natural partner. The Indian diaspora has not only settled in Africa but has deeply integrated into local societies," said the minister.

He highlighted that decision by PM Modi to include the African Union in the G20 in a bid to give Africa its rightful voice on the global stage was a landmark decision as G20 host in 2023.

Singh said India-Africa trade has crossed $100 billion, with New Delhi emerging as one of the top five investors on the continent.

“India has extended concessional loans worth over $12 billion and $700 million in grant assistance for projects across Africa, apart from offering 50,000 scholarships for African youth, of which more than 42,000 have already been utilised," he added.

Talking about the recent tariff measures imposed on India, Singh said, “The reasons cited for imposing these tariffs on our country apply equally to many others who continue importing energy from the same sources, yet they face no such restrictions,” Singh said.

“This is a clear case of unjustified and discriminatory tariff imposition," he added.

With inputs from agencies