C Rangarajan calls for oil reserves, energy security and new India development strategy

Former RBI Governor C Rangarajan on Saturday said India must change its development strategy to account for eventualities such as the fallout of the blocking of the Strait of Hormuz. Speaking at the 16th convocation of the ICFAI Foundation for Higher Education here, he said the new strategy should include building reserves of key commodities such as oil, in addition to producing for consumption and exports, reducing dependence on imported energy, and focusing on innovation. Rangarajan, the institution’s Chancellor, said US President Donald Trump’s unilateral imposition of tariffs and the US-Iran war, which led to the blocking of the Strait…