India’s Economy Strong, Steps Taken To Tackle West Asia Impact, Says PM Modi

Prime Minister Narendra Modi on Tuesday said India’s economic fundamentals remain strong despite the ongoing West Asia conflict.

PM Modi told the Rajya Sabha that the government is actively working to minimise the crisis’s adverse impact on the country. He noted that the prolonged conflict has unsettled the global economy and may require considerable time for recovery.

PM Narendra Modi emphasised that India is closely monitoring developments while implementing strategies to address short-term, medium-term, and long-term challenges.

The Prime Minister said the government has formed an Inter-Ministerial Group to assess import-export issues and deliver timely solutions. He added that six empowered groups, similar to those formed during the Covid pandemic, have been established to handle supply chains, fuel, fertilisers, gas, and inflation.

PM Modi highlighted the strategic importance of the Strait of Hormuz, a critical global trade route for crude oil, gas, and fertilisers.

The Prime Minister acknowledged that maritime movement has become difficult but said India is ensuring supply continuity through diplomacy and alternative arrangements. He stated that ships carrying crude oil and LPG have recently reached India, reflecting the success of these efforts.

PM Modi added that the government remains committed to ensuring the safe arrival of essential commodities.

The Prime Minister warned that prolonged instability could have serious consequences, but assured that India is strengthening resilience mechanisms. He reiterated support for farmers, promising an adequate fertiliser supply during the upcoming sowing season.

PM Modi also highlighted long-term measures, including diversification of energy imports from 27 to 41 countries, expansion of refining capacity, and development of strategic petroleum reserves.

Prime Minister Narendra Modi said over 3.72 lakh Indians have safely returned since the conflict began, including more than 1,000 from Iran.

Also Read: PM Modi Calls For Unity, Dialogue In Rajya Sabha On West Asia Conflict