Energy Security is Key to Economic Dominance: Sunil Duggal

Sunil Duggal, CEO of Bhumi Ventures and former CEO of Vedanta Group, emphasized that energy security, critical minerals, and control over resources will play a decisive role in shaping future economic dominance. He noted that India is the world’s third-largest oil consumer, importing nearly 88–89 percent of its requirements, while about half of its gas demand is also met through imports. In this context, he stressed that energy security is crucial for India’s long-term economic stability, especially amid rising geopolitical tensions affecting global supply chains.

Duggal highlighted that conflicts such as the Russia–Ukraine war and tensions involving the United States, Iran, and Israel have significantly altered global energy equations, underlining the strategic importance of routes like the Strait of Hormuz, through which 45 percent of India’s crude imports pass. He further pointed out that future global competitiveness will depend on access to and control over critical minerals such as lithium, cobalt, nickel, and rare earth elements, essential for electric vehicles, renewable energy, semiconductors, and advanced technologies. He urged India to reduce overdependence on imports and treat sectors like mining, metals, and infrastructure as strategic economic pillars.