Energy imports soar; free gas pricing...

VEDANTA is seen to have set an eye on this high-risk-high-reward business, even as overseas players remain wary.

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Investments in hydrocarbon ventures would be in sync with the "Atmanirbharta" doctrine, analysts feel. "The real impact (of Trump tariff) could lie in strategic policy shifts. India may refocus on expanding renewable energy, scaling up exploration and deepening ties with alternate suppliers. At the same time, this also nudges negotiators to strategise towards softening tariff exposure or secure long-term energy partnerships," Garg said.

India imports oil primarily from Russia, Iraq, Saudi Arabia, UAE, USA, and Kuwait. These six suppliers accounted for 86% of the country's oil imports in FY25, up from 65% in FY20, Rubix noted. LNG imports have grown 54% to $14.9 billion in FY25 from $9.66 billion in FY20, as per official data.

Though petroleum exports registered an increase, in value terms, these declined by 7% to $44.3 billion during the last fiscal.