India diversifies, maintains multiple sources of energy supply: EAM Jaishankar says US "very significant and reliable source"
New Delhi, May 24
External Affairs Minister S Jaishankar on Sunday said India will continue to diversify its energy sourcing and maintain multiple dependable suppliers as part of its responsibility towards its citizens, stressing that energy security remains a top national priority amid global uncertainties.
Addressing a joint press conference with US Secretary of State Marco Rubio here, Jaishankar stressed that energy security requires de-risking through multiple sources, with the US emerging as a "very significant and reliable source" for India.
He underlined that India has been steadily increasing its energy imports from the US over the years, with a sharper rise witnessed in recent times.
"There's actually been a very significant uptick in our energy imports from the United States. It's not new. It started many, many years ago, but I think it's really picked up in the last year. And where India is concerned, this is an era of de-risking and probably energy more than anything else requires de-risking. So, a big country, if you are to do de-risking, looks at multiple sourcing. And for us, the United States has emerged as a very significant and reliable source of energy, as indeed have some other countries," he said.
Addressing the current situation in the Strait of Hormuz, due to the ongoing conflict in West Asia, the Union Minister said that India's approach is to diversify energy sources as part of its energy security.
"The way we will deal with the current situation in Hormuz and, frankly, going forward as well, is to diversify our energy sources because that is at the heart of our energy security," Jaishankar said.
The EAM emphasised that India needs "multiple sources, large sources, dependable sources, and cheap sources" for its energy needs, while cautioning against distortions in the global energy market.
He further stressed that India's energy strategy is guided by affordability, accessibility, and reliability, noting that the US remains a key partner in this regard.
"For our energy security, it's important we have multiple sources, large sources, dependable sources, and cheap sources. And the United States fits the bill in many respects. So do some other countries. So we will continue to diversify and maintain multiple sources of supply at the most reasonable cost because, at the end of the day, we have an obligation to our people to provide them with energy at affordable and accessible rates. What we don't want to see is energy markets distorted; we don't want to see energy markets constricted because it has a cost implication," Jaishankar said.
The remarks come as part of Rubio's four-day visit to India, during which he will be attending the Qaud Foreign Ministers' Meeting in the national capital.
India is gearing up to host the security dialogue in the national capital to deliberate on the evolving security matrix of the Indo-Pacific and the escalating friction points across West Asia. The high-level congregation of the Quadrilateral Security Dialogue--bringing together India, the United States, Australia, and Japan--is locked in for May 26 under the chairmanship of EAM Jaishankar.
— ANI
Reader Comments
Good to see the government thinking about affordable energy for people. Prices have been too high lately, and any move to stabilize them is welcome. Hope the benefits actually reach the common man though.
All this de-risking talk is fine, but what about domestic energy production? We have solar potential and wind energy too. Should be investing more in renewables instead of just importing more oil and gas.
Finally, a pragmatic approach toward energy independence! Russia, Middle East, US - let us take from everyone. Better to have too many friends than too few when it comes to something as crucial as energy.
Diversification sounds good, but I hope this isn't a political move to align more with the US at the cost of relationships with other nations. India should stay neutral and not get drawn into any bloc politics.
Good that Jaishankar is being transparent about our energy strategy. With Hormuz situation volatile, having multiple reliable suppliers is just common sense. Let's hope prices don't spike again.
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