New Delhi, February 8: Sanjeev Sanyal, a member of the Prime Minister’s Economic Advisory Council, emphasized that India will consistently focus on acquiring the most affordable resources for the nation. This statement came in response to inquiries about the impact of the India-US Free Trade Agreement (FTA) on India’s oil procurement policy.
Sanyal stated, “Our priority has always been to seek cheap resources for the Indian Economy, and we have made it clear that this approach will continue in the future.”
Speaking at the NDTV Profit Conclave 2026, he noted that the India-US FTA would be mutually beneficial. “We will secure the agreement we desire. The deals and transactions will be structured to favor India. A strong deal is in the pipeline. From my understanding, both India and the US will achieve what they want. It will be a good deal for both parties.”
Sanyal also highlighted the shift from the 1960s mindset to today’s self-reliance. He explained that previously, India focused on self-sufficiency and limiting imports, but the definition of self-reliance has evolved.
“Today, self-reliance focuses on what is strategically and economically essential for us. We are not trying to save everything. Our attention is also on exports, which was not the case in the 1950s and 1960s,” he added.
He asserted that India will establish necessary international relationships to procure affordable energy for its 1.4 billion citizens.
“If we find that a particular operation is not economically viable in India, we will negotiate with other countries to have that work done for us there,” he said.
Sanyal pointed out that India is not rich in oil and gas resources. “We must continue our exploration, but ultimately, we will have to rely on other countries,” he noted.
He concluded by stating that the central government’s primary goal is to ensure that the country receives cheap fuel while also considering global circumstances and the sensitivities of other nations.
He provided an example: “If you ask us today to import crude oil from Venezuela, we would decline because our refineries cannot currently process their heavy crude. However, over time, we can adapt accordingly.”