New Delhi, May 27 -- As India races towards economic superpower status, a glaring vulnerability threatens to undermine our progress: our dependence on imported oil and gas. According to the Petroleum Planning & Analysis Cell (PPAC), India's crude oil import dependency has reached 87-88%, with projections suggesting it may exceed 90% by 2030. This trajectory could result in a staggering $1 trillion energy import bill over the next five years.

The decline in domestic production makes for disheartening reading. Our crude oil output has fallen from over 36.9 million tonnes in 2015-16 to just 29.7 million tonnes in 2023-24, even as our consumption stays on a relentless upward trajectory. Natural gas presents a slightly better picture, with im...