The current ruling needs to stress the misfortune caused to India due to world politics. For instance, chaos in West Asia or any other oil fertile nation of the world will directly affect the oil supply in the consuming nations like India, leaving the country depressed with the burden of oil requirements for its natives.
When questioned, the policy-making bodies end up explaining that they are constantly working on coping up with the situation, that they are not dependent on a single region for fulfilling crude oil needs and that they are expanding their energy portfolios.
But it is a clear fact that 80% of India’s crude oil demand is met from the oil that is imported to the country particularly from Gulf Regions (Iraq and Saudi Arabia). There was a time when Iran was also one of the key exporters of crude oil to India but the link ended with American sanctions hitting the Islamic Nation.
As per the analysis by the International Energy Agency (IEA) for 2020, India is estimated to beat China in terms of crude oil demand in upcoming months of the year, also making the Indian market the most alluring for refinery investment. IEA brought out in partnership with NITI Aayog said that the crude oil demand is all set to double by 2040 in the Indian market. India’s crude oil consumption is expected to increase much faster than other economically strong nations calling for the need to put immediate checks on rackless oil consumption in India.
Need to OPT for Alternative Sources
For India, the need of the hour is to enhance its oil sourcing portfolio and fulfil the demands by importing oil from other oil fertile nations so that there is less dependency on fossil fuels.
When it comes to crude oil imports, Indian refiners are buying oil from the US which is not at all a cost-effective way of obtaining the oil. Both the buyer and seller define it is competitive. The energy supply in India should not be dictated by one country rather be dependent on the bilateral ties.
IEA in its reports declared that the government is working on enhancing domestic upstream activities and trying to invest more in overseas oilfields so that the dependency and costly imports can be reduced to a certain extent. India’s reserve capacity is only 40 barrels which can cover up to 10 days of the current net exports.
It is estimated that the same 40 barrels will be able to cover four days of net imports in 2040, so here is the utter need for the government to stress on its stock holding capacity. It is required that the government works on the second phase of its stock-holding policy which will incorporate an additional 50 million barrels and also strategize more such phases so that the country does not face extreme oil scarcity.
For the domestic policies to work smoothly there have to be synergies between ministries like Coal, New and Renewable resources, Power and Petroleum, etc and also the support of both Centre and States so that there is a required energy push in the country.
Former finance minister Arun Jaitley in ‘his blogs stated that sectors like agriculture, rural development and healthcare need combined support of Center and States. He wonders if the centre and States are not pooling their resources and are not extending combined support to safeguard the interests of the country’s natives.
The IEA is one of its reports strongly recommends to bring in the reforms which will enhance the capability of the energy market such as coal, electricity 
Currently, electricity is not under GST but whenever it comes under new tax regime then what will be the impact of electricity cost and your electricity bill. Read more and gas. One of which was providing unbiased access to resources from State allocation to market pricing and rationalization of energy subsidies.
