Look at the US dictating terms to India on Russian oil. India needs to address this vulnerability on a war footing.The fundamental problem lies in the policy paradigm that governs the natural resources sector. Three things are required: deregulation, greater private participation, particularly in existing but under-producing assets, and a new exploration policy for minerals.Importance of eliminating cumbersome processes and extensive bureaucracy cannot be overstated. India's demand is 700-800 tonnes a year.In mining, a radical change in exploration policy is also required. For resources where exploration has been done by state agencies and there are proven reserves, auctions can stay.

Source: Economic Times March 12, 2026 18:09 UTC