Build oil reserves, cut energy imports, says ex-RBI chief Rangarajan

Former RBI governor C Rangarajan said India must build strategic reserves of oil and key commodities and reduce dependence on energy imports. Speaking at ICFAI's 16th convocation, he cited US tariffs and the US-Iran war that has blocked the Strait of Hormuz as warnings. He added that Make in India should not mean blind import substitution.