India’s energy insecurity is once again under the spotlight as tensions in West Asia threaten global oil supply chains. Despite discovering oil as early as 1867 in Digboi, India today imports nearly 88% of its crude oil needs, leaving the economy exposed to price shocks and geopolitical risks. With domestic production meeting only a fraction of demand and vast sedimentary basins still unexplored, experts point to policy bottlenecks, regulatory uncertainty, and lack of private investment as key reasons behind this dependence.

Successive reforms—from NELP to HELP—have struggled to attract global energy majors, while legacy disputes and retrospective taxation have dented investor confidence. As crude prices risk surging amid global conflict, the urgency to boost domestic exploration, expand strategic reserves, and strengthen energy infrastructure has never been higher. Can recent policy tweaks and licensing reforms revive India’s upstream sector, or will import dependence continue to haunt the economy? This cover story of Business Today magazine examines the structural challenges, policy gaps, and the road ahead for India’s quest for energy security.