by Mr. Anil Agarwal, Chairman, Vedanta Limited
Drill Baby Drill! Donald Trump’s campaign promise is now a reality.
The US President has declared a National Energy Emergency to enable more exploration and production of oil and gas.
Under the emergency orders, regulations will be eased, new geographies opened for drilling and approvals speeded up.
The US is already the biggest producer of oil and gas in the world. Trump wants to solidify its energy independence and move towards ‘energy dominance’ as a means for economic growth and national security.
India, with its tremendous potential, must also pursue energy independence. Even as renewables grow, it is very clear that oil and gas will be key as fuel for cooking gas and vehicles. Middle-class will get a lot of relief from more domestic production which is a fraction of the cost of imports.
Self-certification of clearances and lower taxes will give a big boost to investment in this sector.