Vedanta chairman Anil Agarwal said India must increase domestic oil and gas production instead of continuing to depend heavily on imports. Speaking at the India Today Conclave 2026 in New Delhi, Agarwal said the country has the resources and talent to produce more energy at home.
He pointed out that India still imports a large share of its energy needs. According to him, more than 90% of the country’s oil demand and over 95% of its copper demand is met through imports, despite India having strong geological potential.
Agarwal argued that relying on imports for such a large share of energy is not sustainable in the long run.
During the discussion, he suggested that global energy suppliers may not want India to become self-reliant in oil and gas production. “The countries in the Middle East and people outside don’t want India to make its own oil and gas,” he said, adding that these countries would prefer India to continue buying oil from them.
Agarwal said India should encourage entrepreneurs and private companies to take risks and explore oil and gas resources within the country. He suggested that smaller investors should also be allowed to participate in drilling and exploration.
He also stressed the need for faster approvals and simpler regulations so that mining and energy projects can start production more quickly. According to him, India has sufficient reserves of several key minerals and hydrocarbons, and increasing domestic production could reduce imports, create jobs and strengthen the economy.