Venezuela's oil comeback could mean cheaper fuel for India

India Jan 07, 2026

If Venezuela ramps up its oil production, global crude prices might drop—good news for India, since we import most of our oil.
Dr. Arvind Virmani from NITI Aayog told NDTV that cheaper international oil would give India a real economic boost by cutting import costs.

What else could help India's growth?

Dr. Virmani also thinks simplifying customs duties can make supply chains stronger and that pushing public sector reforms can help India reach developed nation status by 2047.
He suggests states focus on land development and affordable electricity to drive industrial growth, which is key for keeping the economy moving forward.