Days after a new US law gave President Donald Trump the power to levy up to 100% tariffs on countries that continue buying Russian oil and gas, Shaktikanta Das – Principal Secretary-2 to Prime Minister Narendra Modi – on Tuesday said India must reduce its dependence on imported energy.Highlighting ongoing work in space, nuclear, and reducing energy dependence, Das also said there are lessons for countries of the ‘Global South’ from India’s reforms in these areas, adding that employment generation is “one of the most pressing challenges for almost all countries”.While he noted that India is “highly dependent” on imported oil and gas and that “we have to reduce this import independence”, Das said the national offshore exploration scheme ‘Samudra Manthan’ will provide a “strong impetus” to hydrocarbon exploration and production.Approved in July this year, the first phase of the ‘Samudra Manthan’ scheme has an outlay of Rs 84,084 crore up to 2030-31 and focuses on raising domestic production, reducing import dependence, and building a globally competitive offshore energy ecosystem.The comments by Das, who previously served as a secretary in the Ministry of Finance and was also the Governor of the Reserve Bank of India (RBI) for six years, come amid continued volatility imparted by the conflict in West Asia, with the price of India’s crude oil basket on Monday at $120.8 per barrel. And even though pump prices of petrol and diesel were raised multiple times following the onset of the war, public sector oil marketing companies (OMCs) are facing daily losses of more than Rs 500 crore on their retail fuel sales.Earlier this month, Trump signed into law the Lindsey O Graham Sanctioning Russia and Iran Act of 2026. With the US and China having agreed to extend the Busan Agreement until January 10, 2027 – ensuring no new tariffs or trade restrictions are imposed by the two countries on each other until then – it leaves India in a tricky spot, given its vast import of Russian oil.India depends on imports to meet more than 88% of its crude oil requirements. Russia currently supplies nearly half of these imports. External Affairs Minister S Jaishankar has flagged India’s concerns over the new law, with US Secretary of State Marco Rubio saying last week that the US was “well-positioned to help regional partners address their energy security challenges”.Story continues below this adSpeaking at the launch of the India and Emerging Economic Order Forum (IEOF) – a new platform by New Delhi-based think-tank Research in Information System for Developing Countries (RIS) and Delhi School of Economics – Das also said India’s space sector was transforming, with private companies participating in satellite manufacturing, launch services, space applications, and downstream services. He also said India has set its sights on a significantly larger role for nuclear energy in its overall power mix, with the Nuclear Energy Mission aiming to achieve nuclear power generation capacity of 100 gigawatt by 2047 on the path to India achieving net zero carbon emissions by 2070.Also Read | India’s CO2 emissions grew at the slowest pace in over two decades in 2025: AnalysisCommenting that the “economic gravity of the world is shifting eastwards”, the former RBI Governor argued that the Global South is “steadily increasing its footprint” in the world in the sphere of economics and geopolitics despite being “disproportionately impacted” by the numerous shocks of recent years. And while this shift offers opportunities to the countries of the Global South, “fresh ideas and strategies” are needed to take advantage of these opportunities.Calling the poverty alleviation efforts of the Global South countries as “one of the largest improvements in human welfare in modern history”, Das said this group of countries is pushing for more inclusive, representative, and equitable system of governance. However, they face several challenges, including that of jobs.“A record 1.2 billion young people in the emerging market and developing economies are set to reach the working age over the next decade. Boosting investment will be crucial to create sufficient job opportunities, particularly in rapidly growing urban areas where most employment is usually generated. These countries will also have to deal with the rising protectionist tendencies globally,” Das said.Story continues below this adHe also called for greater cooperation among developing countries to face the challenges they face, which include food security, trade diversification and deepening participation in global supply chains, the energy transition, maintaining macroeconomic stability, and creating jobs and economic opportunities.