Oil is not just a commodity, but the real accelerator of India’s growth. It is not called Black Gold for nothing, because it runs the engine of the economy. The challenge is that India fulfills more than 85% of its crude oil needs through imports, due to which even a slight rise in prices affects inflation and growth. Meanwhile, a big development has come to light. According to reports, Mukesh Ambani’s Reliance Industries is trying to get approval from the US government to import Venezuelan oil. Reliance is in talks with the US State and Treasury Departments. The move comes at a time when Russian oil’s share is declining. If approved, Venezuela will become a strong option in India’s crude basket. This shows that India is not dependent on oil but is prepared.
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