Gulf war hits India economy | Hyderabad, Mar 23 (Maxim News): Prime Minister Narendra Modi said the Gulf conflict is creating challenges for India’s economy and trade.
Speaking in the Lok Sabha, he said India depends on the region for crude oil and gas. The Gulf war impact India issue remains under close watch.
He said the conflict may affect trade with other countries. He also noted that India imports crude oil through sea routes. Therefore, any disruption could affect supply chains. Meanwhile, the government is monitoring the situation closely.
The Prime Minister said the government is tracking developments in West Asia. He also said India brought back citizens stranded in Gulf countries. Moreover, he said officials held regular talks on the safety of Indians there.
Gulf war hits India economy | oil imports and safety measures
He added that the government ensured the safety of Indian students abroad. He also said ships reaching India pass through the Strait of Hormuz. Therefore, authorities are taking steps to avoid disruption. He said the government aims to protect citizens from economic burden.
The Prime Minister said India earlier imported oil and LPG from 27 countries. Now, imports come from 41 countries. He also said India currently holds 54 lakh metric tonnes of reserves. According to him, these reserves are sufficient for present needs.
He said the government is ensuring smooth transport of oil, gas, and fertilisers. He also said steps are in place to ensure ships reach India safely. Meanwhile, he noted that petrol now contains 20 percent ethanol blending.
The Prime Minister also highlighted railway electrification. He said this has reduced diesel consumption. He added that electric buses and vehicles are increasing nationwide. Therefore, the government plans to promote more EV adoption.
Modi said global developments affect India. Therefore, he stressed the need for self-reliance. He said India must build capacity to reduce external shocks linked to the Gulf war impact India situation. (Maxim News)
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