- India prioritizes energy security for 1.4 billion people through diversified sourcing
- India rejects US pressure to stop buying Russian oil citing energy needs as paramount
- India states all energy actions align with market conditions and international dynamics
India has a strategy to diversify energy purchases to meet the needs of 1.4 billion people, the Ministry of External Affairs (MEA) said in a press briefing today.
The US wants India to stop buying oil from Russia. In this context, India said the country's energy security needs come on top priority over anything else.
"Insofar as India's energy sourcing is concerned, the government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is the supreme priority of the government," MEA spokesperson Randhir Jaiswal said.
"Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this. All of India's actions are taken and will be taken with this in mind," he added.
This line of action has been India's consistent stand on buying Russian oil. The US alleges Russia uses the oil money to fund the war in Ukraine, a charge that Russia denies.
The MEA statement comes after the White House claimed India has committed to stop directly or indirectly importing Russian oil, and would buy from the US. The US announcement formed a part of the context under which additional tariffs imposed on India for purchase of Russian oil was withdrawn.
The Kremlin had said India is free to buy oil from wherever it wants. Kremlin spokesperson Dmitry Peskov said Russia is well aware that it is not the only supplier of oil and petroleum products to India.
"India has always purchased these products from other countries. Therefore, we see nothing new here," Peskov said.
As part of the framework of its trade deal with the US, India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits, among others.
The US will, in turn, apply a reciprocal tariff of 18 per cent on Indian-origin goods under the relevant executive order, covering sectors such as textiles and apparel, leather and footwear, plastics and rubber, organic chemicals, home decor, artisanal products, and certain machinery.
