India, Aug. 2 -- The Indian economy has done better than what most people expected in the wake of the oil shock from the ongoing Iran war. However, the roots of this resilience lie in the country's fiscal prowess, which allowed it to procure supplies at higher prices. This, while welcome, cannot be a strategy. India must reduce its energy import dependence on a long-term basis. Renewables will be an integral part of the plan, but it must also include securing fossil fuel supplies.

It is in this regard that the Cabinet decision to sanction Rs.84,000 crore for offshore oil and gas exploration over the next five years is welcome. The decision aims to boost India's domestic oil and gas offshore production by working on all levers: collect hi...