Senior Economist Mitali Nikore said India must accelerate its economic decision-making process to ensure stability and growth [1].
This push for agility comes as India grapples with a heavy reliance on oil imports, which creates vulnerability to global price shocks and hampers long-term economic stability [1].
Nikore said the country needs to urgently reduce its dependency on oil to protect its financial future [2]. She said the current pace of policy implementation may be insufficient to meet the scale of the challenge facing the nation [1].
Beyond policy, the economist said the necessity of a cultural shift regarding transportation. She said that changing the public mindset is a critical component of the transition to a more sustainable economy [2].
"It is important to change the mindset and attitude of people towards electric vehicles and public transport," Nikore said [2].
By moving away from private internal combustion engine vehicles and embracing mass transit and electric alternatives, India could potentially lower its import bills and improve urban air quality [1]. This transition requires both government incentives and a widespread change in consumer behavior [2].
Nikore said the window for these transitions is narrowing. "Faster decisions are the need of the hour," she said [2].
“Faster decisions are the need of the hour.”
India's economic trajectory is closely tied to its energy imports. By advocating for faster decision-making and a shift toward electric mobility, Nikore is highlighting a strategic pivot from a resource-dependent economy to one based on sustainable infrastructure, which would reduce the impact of volatile global oil markets on the national budget.
