look news india
The daily geopolitical tensions and threats of war in the Strait of Hormuz, one of the world’s most sensitive and busy sea lanes, have always raised India’s concerns. Whenever there is a crisis on this route at the global level, there is a danger of India’s supply of crude oil and LNG being affected. To eliminate this uncertainty and risk forever, the Government of India has started work on a highly confidential and strategic masterplan. Through this unprecedented step, India is going to diversify the routes of its energy dependence and create a foolproof backup system for times of crisis, so that the turmoil in the international markets does not have any adverse impact on the country’s economy.
Mega infrastructure project worth Rs 40,000 crore, there will be huge increase in strategic storage capacity. To turn this master plan into reality, the Government of India has prepared a huge budget of about Rs 40,000 crore. This huge fund will be used to develop the second phase of Strategic Petroleum Reserves (SPR) and build new state-of-the-art LNG terminals within the country. Under the plan, huge underground rock caverns will be built in the coastal and protected areas of the country, where millions of tonnes of crude oil and natural gas can be safely stored. This infrastructure will be so huge that even in the event of any major global war or closure of the sea route, India will be able to meet its domestic energy needs smoothly for months without any external help.
Supply of crude oil and gas will be completely safe, general public and industries will get big benefits. After the completion of this visionary and ambitious project of India, the fear of shortage of oil and gas in the country will end forever. Having sufficient stock domestically will provide relief to Indian consumers from sudden fluctuations in crude oil prices in the international market and the prices of petrol, diesel and cooking gas in the country will be kept stable. Along with this, this growing strength of India will further strengthen the country’s credibility on the global stage. The corporate world and defense analysts are considering this step towards becoming self-reliant on the energy security front as India’s biggest and game-changing strategic decision so far.
