- India prioritises obtaining cheapest resources for its economy, says Sanjeev Sanyal
- The India-US free trade agreement is expected to be mutually beneficial, says Sanyal
- India's self-reliance now focuses on strategic economic importance, not protectionism
Economic Advisory Council member Sanjeev Sanyal stated that India would always focus on obtaining the cheapest options to obtain resources for the country when asked how the free-trade agreement between the US and India would impact the latter's oil purchasing behaviour.
"It is always the case that we are looking for cheap resources for the Indian economy, we made it clear that we will continue to have this view of the world into the future," Sanyal said.
Sanyal spoke to NDTV Profit on Saturday, at the NDTV Profit Conclave 2026 and stated that the FTA would be a "good deal from both sides."
"We will get the deal we want, the trade offs we make will be the ones in our favour. We have a very solid deal in the pipeline. My understanding is we got what we wanted and so did the US, it should be a good deal from both sides," Sanyal stated.
He also distingushed between India's import substitution mindset from the 1960s and its persepctive on self reliance now.
"Self reliance now is much more focused on what is geo-strategically important to us, economically or economically is sort of the backbone, we don't try to protect everything. we also have an outward orientation to exports which we didn't have in the 50s and 60s," the Economic Advisory Council member said.
Sanyal said that India will build the international relationships necessary to allow it to buy cheap energy for 1.4 billion people.
"We will be willing if we find that its not economical for us to do a certain activity, to sign deals with countries or make arrangements that allow us to function even if other countries are doing it for us," Sanyal said.
"So, for example, hydrocarbons, India is not a hydrocarbon rich country even though we have to keep exploring and find more, but in the end we have to rely on other countries," he added.
Sanyal stated that Centre's main interest is to make sure the economy gets cheap fuel,.. but iut will take into account global sensitivities, and also expect irs allies to understand its circumstances, so that accomdations are made.
"If tomorrow if you ask us to import Venezuelan crude, we will say no because our refineries wont be able to use heavy crude from Venezuela tomorrow morning. Over a period of time, can we adjust to them, Yes," Sanyal said.
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