Political Economy AnalySynthesis No.

1
Name: Elisha Anne Bascon
Course & Section: IDS41
Subject: International Political Economy
Professor: Jumel G. Estrañero

“India isn’t over-dependent on Russian oil, Indian energy minister says”

A. News Tidbits
In this news, it is stated that India does not depend on one country for their oil resources,
they are able to be the world’s third largest energy importer since they are able to purchase 80
percent of their crude oil from different international markets. It is also stated in the news by
Singh Puri that “There is enough oil available in the world.” It is true that the problem that other
countries are facing today is that they don’t have the means or resources to avail it since some
economy has dropped, while India on the other hand became one of the world’s largest and
fastest-growing economies.

B. Analysis
It is undeniable that oil is one of the resources that everyone uses since it helps with
producing goods and even different services. Most countries around the world have increased
their oil price due to different circumstances. It does not only affect the country’s economy, but it
also affects the daily lives of the people since if there is an increase in oil there is a possibility
that different goods and services might increase its price too. India has the resources and money
to trade oil from international markets and as Singh Puris pointed out, financial constraints were
the problem for some countries.

C. Policy Recommendations
Improvement in the economy and political instability are some of the things that can be
considered to acquire the important resources that a country needs to implement long-term
development. It is also crucial for different countries to build connections with other countries
and not only depend on one country such as what India did to increase their economy which
helps in the improvement of their country.

Reference:
 Shan, L.Y. (2023, August 24). India isn’t over-dependent on Russian oil, Indian energy
minister says. CNBC. https://www.cnbc.com/2023/08/25/india-isnt-over-dependent-on-
russian-oil-says-energy-minister.html.