Modi warns of resource weaponisation, pushes self-reliance

Prime Minister Narendra Modi said the world has abandoned globalisation and that resources like fuel and medicines are being weaponised, as he stressed the need for energy self-reliance. Speaking from the Red Fort on the 80th Independence Day, he warned that strategic sea routes are also being used as instruments of geopolitical pressure.

The Times of India reports Modi criticised inward-looking policies globally but positioned India as an open economy signing trade deals with 40 countries. Rediff.com notes the Strait of Hormuz disruption, nearly a quarter of global seaborne oil transits it, has forced India to diversify crude imports to 41 countries and LNG to 15.

To reduce dependence on imports, Modi cited the Rs 84,084-crore Samudra Manthan scheme for deepwater oil and gas exploration, and said 99 per cent of sedimentary basins have been opened for exploration.