India’s energy scenario unstable: defence ministryMarch 21st, 2008 - 12:06 am ICT by admin
New Delhi, March 20 (IANS) India’s energy scenario is “in a state of instability” and any deterioration of the situation in the extended neighbourhood would “adversely affect” the country’s economic and energy interests, the defence ministry said Thursday. “The energy situation is in a state of instability. We are expecting a steep rise in competition as the dependency (on oil) increases along with the prices,” the ministry said in its annual report for 2007-08 tabled in parliament.
In this context, it noted that the security situation in India’s extended neighbourhood of the Middle East and Southeast Asia “is being monitored as any deterioration in the region would adversely affect India’s economic and energy security.
“Moreover, a large number of Indians work in the countries of the Middle East and Southeast Asia - both regions with which we share ancient civilisational ties,” the report said.
“The safety and stability of the region is not only a matter of our security and energy needs but also one of umbilical linkages with India,” it added.
The report also noted that India had a “vital stake” in the security of the sea-lanes to the country’s east and west.
“The Bay of Bengal is a region rich in natural gas and oil and could impact on (our) future energy calculations,” the report maintained.