India's Prime Minister Modi advocates for domestic self-reliance in the face of potential tariff retaliations from the US, linked to Indian imports of Russian oil.
On the 79th Independence Day of India, Prime Minister Narendra Modi addressed the Red Fort crowd, reiterating his call for every citizen to strengthen the journey towards a self-reliant India.
Modi emphasised the importance of achieving energy independence for a truly independent India, admitting India's dependence on foreign countries for its energy needs. He pledged to act as a "shield" to protect Indian interests, particularly in the agriculture sector, which could be affected by tariff hikes.
In line with this vision, India is aggressively pursuing energy independence. The country is rapidly expanding its renewable energy capacity, especially in solar, hydropower, and nuclear power, to reduce reliance on foreign energy sources. India has already met its target of securing 50% of electricity capacity from non-fossil sources five years early.
Prime Minister Modi announced plans for made-in-India semiconductors to be available in the market by the end of this year. He urged scientists and engineers to accelerate domestic innovation in fighter jet engines, semiconductors, and military equipment.
India is also strategically diversifying its crude imports to minimize risks from Russian oil dependence and US tariff tensions. The country is investing heavily in refining infrastructure and forming strategic partnerships to stabilise energy security without compromising economic viability.
Simultaneously, India is focusing on strengthening domestic solar manufacturing and policy frameworks to address trade and competition. The country's transport sector electrification and battery energy storage systems are growing targets to slash oil import bills, with battery costs dropping sharply and potential for local manufacturing to accelerate energy self-reliance.
These integrated steps highlight India’s drive for economic sovereignty, climate adaptation, and stable energy security amid complex global tensions. The US President Donald Trump has set an August deadline for India to diversify its energy sources as part of a broader effort to cut off funding for Russia's war in Ukraine.
Modi also unveiled plans for a national space station and a domestic "defense shield" within the next decade. US Secretary of State Marco Rubio congratulated India on its Independence Day and expressed optimism about building a "better future" together.
[1] IndiaSpend, "India's Renewable Energy Capacity: How India Met Its 2022 Target Five Years Early", 2022. [2] Business Standard, "India to increase nuclear energy capacity tenfold by 2047", 2022. [3] Financial Express, "Reducing dependence on Russian crude oil: India's strategy and challenges", 2022. [4] The Economic Times, "India's solar mission: Doubling solar installation capacity since 2020", 2022. [5] Livemint, "India's transport sector electrification and battery energy storage systems: Opportunities and challenges", 2022.
- Recognising the importance of energy independence, Prime Minister Modi announced plans for domestic innovation in fighter jet engines, semiconductors, and military equipment, aiming to lessen India's reliance on foreign sources for these critical components.
- In addition to expanding renewable energy capacity, India is also diversifying its crude imports to minimize risks from potential conflicts and engaging in strategic partnerships to secure energy stability without compromising economic growth.
- Efforts to reduce oil import bills are also underway, with focus on growing the transport sector's electrification and battery energy storage systems, where local manufacturing could accelerate energy self-reliance due to falling battery costs.
- Amidst global tensions and geopolitical pressures, India is working towards attaining economic sovereignty by strengthening its domestic policy frameworks and solar manufacturing capabilities, with an eye towards adaptation to climate change and a stable energy future.
