India’s current account deficit of 1.52% of GDP is a avoidable vulnerability

The article argues that escalating tensions in the Middle East and uncertainty around US-Iran talks are increasing India’s exposure through crude imports, while leaving the current account deficit (CAD) highly vulnerable to external shocks. It highlights structural demand drivers across oil, gold and natural gas, and calls for faster deepwater oil exploration to reduce import dependence. It also urges a broader gold mobilisation push, including temple gold purchases and a pilot for banks to hold gold as reserves. On gas, it proposes expanding piped networks and using LNG as a transition fuel for heavy trucks.