Renewables
India urged to expand energy exploration and renewables
A business leader in New Delhi calls for increased domestic oil and gas exploration alongside renewables to lower import dependence.
Key points
- PHDCCI President Anil Gupta advocates for private sector involvement in domestic oil and gas exploration.
- The strategy includes expanding solar, wind, coal, and electric vehicle adoption to cut imported oil reliance.
- India aims to improve critical mineral self-reliance through government initiatives over the next few years.
What happened
India must accelerate domestic oil and gas exploration while expanding renewable energy generation to reduce its reliance on energy imports, according to Anil Gupta, President of the PHD Chambers of Commerce and Industry (PHDCCI).
TradingView reported that Gupta called for greater private sector participation backed by favourable contractual terms to boost hydrocarbon output. He also emphasised the need to utilise available resources such as solar, wind, and coal, alongside promoting electric passenger and commercial vehicles.
Addressing economic resilience during global uncertainties, Gupta noted that retail fuel prices in India rose by roughly 10 to 15 per cent during recent oil price surges, which was lower than increases seen in several other nations. He also highlighted that free trade agreements with Europe and the United Arab Emirates are expected to support exports over the next two to three years.
What comes next
The chamber also plans to improve awareness among micro, small, and medium enterprises regarding government support schemes. Meanwhile, government initiatives to promote rare earth mineral exploration aim to address import dependencies, particularly in copper where India sources roughly 95 per cent of its requirements from overseas.
Why it matters
For energy investors and policymakers across developing economies, India's push to balance domestic fossil fuel exploration with clean energy adoption highlights the ongoing challenge of securing energy independence amidst global market volatility. With global oil benchmarks remaining elevated—such as Brent spot prices reaching 123.1 US dollars per barrel on 27 October 2026, according to US EIA data—net-importers face mounting fiscal pressures. For African energy exporters, shifting demand dynamics in major Asian markets like India, which recorded a renewable share of electricity output of 19.1 per cent in 2021 according to World Bank figures, signal a gradual evolution in long-term trade partnerships as emerging economies diversify their energy baskets.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
19.1% of electricity in India was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
