India, June 19 -- The West Asia turmoil has delivered a sobering reminder of India's vulnerability to global energy shocks. When crude prices spiked close to $120 a barrel amid disruptions near the Strait of Hormuz, the ripple effects were felt across the economy, stoking inflation and straining the current account. The government responded with commendable agility, rolling out fresh incentives for electric vehicles, battery manufacturing, and renewable energy. Now that the Hormuz blockade has eased and oil prices have moderated below $80, a critical question arises: Will we treat this as a passing inconvenience, or seize it as a catalyst for structural reform?

In these volatile, uncertain, complex, and ambiguous (VUCA) times, India must...