Business · Energy & Commodities · 17 hrs ago
Rangarajan urges India to build oil reserves and cut energy imports
C Rangarajan urged India to change its development strategy to better withstand shocks to global trade.
The former Reserve Bank of India governor spoke at a convocation of the ICFAI Foundation for Higher Education.
He pointed to US tariffs and the US-Iran war, which led to the blocking of the Strait of Hormuz, as disruptions to trade and shipping.
Rangarajan said India should build reserves of critical commodities, including oil, so it has supplies when crises arise.
He also called for less dependence on imported energy through the development of alternative energy sources.
He said “Make in India” should raise domestic production while keeping Indian industry globally competitive, rather than relying on blanket import substitution.
Rangarajan also urged India to adopt technologies such as AI and invest in innovation, infrastructure and structural reforms, while warning that future trade agreements require caution.
Former RBI Governor C Rangarajan urged India to build reserves of critical commodities, including oil, and reduce its dependence on imported energy.
He said global trade shocks, including the blocking of the Strait of Hormuz, showed the need to recalibrate India’s development strategy.
Rangarajan called for stronger domestic production alongside productivity and global competitiveness.
He also urged India to focus on innovation and adopt technologies such as artificial intelligence.
- Who
- C Rangarajan, former RBI Governor and Chancellor of the ICFAI Foundation for Higher Education.
- What
- He urged India to build reserves of critical commodities, reduce imported energy dependence and adjust its development strategy.
- When
- Saturday. The article was published on November 1, 2026.
- Where
- The 16th convocation of the ICFAI Foundation for Higher Education; the article does not specify the location.
- Why
- He said global trade shocks, including the blocking of the Strait of Hormuz, exposed risks to India’s economy and access to critical imports.
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- Speaker
- C Rangarajan
- Event
- 16th convocation of the ICFAI Foundation for Higher Education
- Publication date
- November 1, 2026
- India’s Global Innovation Index rank
- 38th
- South Korea’s Global Innovation Index rank
- 4th
- China’s Global Innovation Index rank
- 10th
1 source
What people are saying
Make in India should not mean blind import substitution as it happened in the first few decades after independence.
These are compelling us to become self-sufficient in the production of certain critical inputs.