Saturday, October 10, 2009

Sometimes Things Just Happen for the Best

Today's The Hindu has a p[iece about the Iranain government choosing CHina over India to develop an oilfield and about it trimming India's role in another field on which India was already working: Article Link. Very frankly, I can't stop clapping. This is good news, if you ask me! The hundreds of millions that would have gone into developing this oilfield in Iran would have done the following:

1. Sent Indian money and effort to another country to develop its mineral resources

2. Continued to send Indian money to Iran for years and years to pay for the oil that would be produced there. This money could well be invested in India to look at resources there - offshore wind energy or wave energy anyone?

3. India is a poor country. Any diversion of public money through ONGC Videsh investment to Iran would only have reduced the amount of money available in India itself for alternative energy projects

Now, we need to pat ourselves on the back and stop feeling like people who have suffered from a calamity. Indians need to look at harnessing the power of the sun, the wind, and of the waves - these are free to harvest, do not require sending Indian money to other countries and these would provide Indians jobs in India itself. The air would be cleaner too. Let The Hindu whine - that is all that it is capable of. Anyone with half a brain should be celebrating instead!


kulasekaran said...

Mehul while we should be glad that precious foreign exchange is saved,I am afraid it is not due to proper application of mind nor strategic planning. It is the sheer incompetence of the oil ministry in failing to secure the oil contracts while China is aggressive in consolidating its energy security.

Your question of whether the money saved would be used in developing alternative energy resources, which is a far better idea, gives far better credit to the Delhi Mandarins than they deserve.

Mehul Kamdar said...

Very true, my friend. And sadly so!