Invest massively to reduce oil imports

Speaking at the Petrotech conference, petroleum secretary Vivek Rae made a valid, if dramatic, point about India's macroeconomic vulnerability to high oil prices. This vulnerability is real and addressing it is beyond the remit of the oil ministry. The best contribution it can make to this cause is to free up energy pricing and sale, so as to promote conservation and energy efficiency as well as investment in exploration and development of India's hydrocarbon resources.

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