Just in Case

Context: Pandemic induced uncertainties in terms of oil price volatility require Just in Case policy mode (i.e. mindset of preparedness to respond to “just in case outcomes”) for protecting the oil supply security of India.

Need for Just in Case Policy Mode

• Uncertain environment of oil price volatility: due to economic growth, geopolitics, timing of anti-COVID vaccine development.

• Post-COIVD market uncertainties.

• India’s heavy dependency on oil import: 3rd largest crude market in the world.

Just in Case Policy Mode 

• PSU related: Limit extending state resources to risky oil PSUs and redefining core purpose of oil PSUs

• Shift from oil and gas (tradable and can be purchased on the high seas) towards clean energy.

• Public private partnership: