(Image source from: Business-standard.com)
Prime Minister Narendra Modi indicated that the current crisis in West Asia is affecting the global economy and may take a long time to recover from, warning that if the conflict continues for too long, it could lead to serious global repercussions. While speaking to the Rajya Sabha on Tuesday, PM Modi mentioned that the war, which has lasted over three weeks, has already led to a significant energy crisis and disrupted important trade routes. “This conflict has resulted in a serious fuel shortage around the world. This situation is troubling for India as well. Our trade routes have been impacted. As a result, the regular supply of petrol, diesel, gas, and fertilizers has been disturbed,” he stated. PM Modi expressed that the government is monitoring the swiftly evolving situation and is taking constant measures to minimize its effects on India. “The fundamental aspects of our economy remain strong. The government is observing all developments closely and making serious decisions,” he mentioned. He went on to say, “This crisis is unique, and we are also finding different ways to address it. We must confront every challenge with patience, restraint, and a calm mindset. ”
PM Modi warned that the consequences of this conflict might last for an extended period. “The negative effects of this war are likely to persist for a long time,” he said, while reassuring the public that the government is “alert, ready, and working seriously” to protect national interests. The Prime Minister encouraged states to act quickly against black marketing and the hoarding of necessary goods, as well as to take proactive measures for the welfare of the poor and migrant workers. He remembered the joint response during the Covid period and called for a similar “Team India” approach in the current situation. “Immediate action should be taken to guarantee the steady supply of essential items,” he urged. The Prime Minister highlighted the issue in the Strait of Hormuz as a significant concern, noting that many international ships are stuck there with numerous Indian crew members on board. “Many vessels from across the globe are trapped in the Strait of Hormuz, and many Indian crew members are aboard those ships,” he remarked.
He mentioned that India is using diplomacy to facilitate the safe passage of its ships and to advocate for reducing tensions. “Our goal is to reduce tensions and to open the Strait of Hormuz,” Modi stated. With almost ten million Indians living and working in Gulf nations, Modi emphasized that their protection is a major concern. “During crises, ensuring the safety of Indians inside the country and abroad is our utmost priority,” he expressed. He noted that since the conflict began, more than 375,000 Indians have safely returned, including over 1,000 from Iran, among which are 700 medical students. PM Modi indicated that India has been in ongoing communication with various countries in the region, such as Iran, Israel, and the US, while advocating for a peaceful resolution. “Any danger to human life in this conflict does not align with the interests of humanity. India is diligently trying to encourage all parties to find a peaceful outcome,” he remarked. He also shared that he had conversations with multiple world leaders in recent weeks regarding the crisis.
The government is striving to secure energy supplies from various avenues to address disruptions. “We are making efforts to acquire gas and crude oil from all available sources. We will keep working on this in the coming days,” Modi reported. He further mentioned that India has established strategic oil reserves of 5.3 million metric tonnes over the last 11 years, with plans to increase capacity by an additional 6.5 million metric tonnes. Modi also highlighted a 70,000 crore rupee shipbuilding initiative and underlined the importance of becoming self-sufficient. “India has no choice but to become self-reliant,” he stated.
