Energy Security and Critical Minerals to Drive Future Power Dynamics

Sunil Duggal, former CEO of Vedanta Group and Hindustan Zinc, emphasized that future global power dynamics will pivot on energy security and control over critical minerals. He noted that geopolitical tensions are influencing industrial supply chains and economic objectives.

Duggal elaborated on how conflicts, such as the Russia-Ukraine war and ongoing US-Iran-Israel tensions, have reshaped global energy equations. He pointed out that India's reliance on imported crude emphasizes the importance of energy security for stable economic growth.

Duggal further discussed the strategic importance of critical minerals in the upcoming phase of global competition. He argued that countries dominating extraction and refining of resources like lithium and cobalt will hold significant leverage in the future. India's ambitions in sectors like renewable energy and electric mobility necessitate the strategic acquisition of these resources.

Emphasizing the need for strategic urgency, Duggal urged for domestic explorations, refining advancements, and robust logistics to strengthen India's economic resilience. He underscored that economic strength would soon rely on securing energy and critical minerals rather than mere financial reserves.

(With inputs from agencies.)