Indian economy’s fundamentals strong: PM Modi says efforts on to minimise West Asia impact

New Delhi:Prime Minister Narendra Modi on Tuesday said that the Indian economy’s fundamentals are “strong” and the Centre is making “continuous efforts” to ensure the West Asia conflict has minimal effect on the country.

Speaking in the Rajya Sabha on the West Asia conflict, PM Modi said, “This present problem has shaken the economy of the entire world. It will take a lot of time for the world to recover from the loss in West Asia. Continuous efforts are underway to ensure that it has minimal side effects on India. Our economy’s fundamentals are strong, and the government is keeping a close watch on the changing situation. The government is working with a strategy to address the short-term, medium-term, and long-term effects.”

He stated that the Centre has also formed an Inter-Ministerial Group, which meets regularly and assesses every difficulty arising in India’s imports and exports. He said that the group continuously works on necessary solutions.

“Just as empowered groups of experts and officers were formed during the Covid pandemic to tackle challenges in various sectors, yesterday, six new empowered groups have also been constituted. These groups will work on issues such as supply chains, petrol, diesel, fertilisers, gas, and inflation, taking swift and effective action under a comprehensive strategy,” he said, expressing confidence that collective efforts will lead to better tackling of the situation.

The Prime Minister further mentioned that the Hormuz Strait is one of the largest routes for global trade, through which a significant amount of transport related to crude oil, gas, and fertilisers crosses.

“Since the war began, the movement of ships through the Strait of Hormuz has become very challenging. However, despite adverse circumstances, our government has made efforts to create pathways through dialogue and diplomacy. Our aim is to ensure that oil and gas supplies reach India from wherever possible. The country is witnessing the results of such efforts,” he said.

In the past few days, PM Modi mentioned that ships carrying crude oil and LPG from several countries have arrived in India.

“Our efforts in this direction will continue in the coming days as well. India is making efforts to ensure that ships carrying every essential item — be it oil, gas, or fertilisers — reach India safely,” he said.

“However, if the global circumstances due to this war remain unchanged, then serious side effects are inevitable. That is why India is furthering the efforts to enhance the ways to maintain resilience,” he added.

PM Modi again assured the farmers that the government is making efforts to ensure that they receive adequate fertilisers during the upcoming sowing season.

“The government is continuously striving to ensure that farmers do not bear the burden of any crisis. I once again assure the farmers of the country that the government stands with them in facing every challenge,” he said.

The Prime Minister stated that over the course of 11 years, India has made continuous efforts to deal with situations like these, citing the diversification of energy imports, which rose from 27 countries to 41 countries, developing strategic petroleum reserves, and an increase in India’s refining capacity.

“I want to assure the House and the country through you that India has adequate crude oil storage and arrangements for continuous supply,” he added.

Reiterating that security of Indians is the government’s “top priority”, PM Modi again presented the figures and mentioned that since the war began, more than 3,72,000 Indians have safely returned to India. From Iran alone, over 1,000 Indians have returned safely so far.

“Our government is working with full sensitivity during this crisis,” PM Modi said, adding that affected families are being provided with necessary assistance.

IANS