Resource rush

Current crisis highlights the need to double down on mineral security, rework policies.

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THE WAR IN West Asia and the disruption of the Strait of Hormuz offer a vantage point to interpret the increasingly complex supply chain issues haunting a fractured, trust-deficient world.

There is a haphazard rush for resource capture and a growing fervour of resource nationalism. India appears to be at the receiving end of this geopolitical churn, perhaps more than any other large nation. The country has only recently surpassed China as the world's largest oil demand driver, with gasoline and diesel consumption in the neighbouring country slowing due to its massive adoption of electric vehicles and gas-fired trucks. As much as 89% of the crude oil consumed by India is imported, as is nearly half of its natural gas. India's persistent exposure to external supply shocks is not restricted to energy; it extends to non-hydrocarbon minerals as well.