PM Modi Addresses Fuel Security Amid West Asia War Disruption
Prime Minister Narendra Modi on Tuesday spoke in the Rajya Sabha about the impact of the ongoing West Asia war on India's fuel supplies, providing assurances of robust preparedness and uninterrupted arrangements. The conflict, now in its fourth week, has created significant global disruptions, particularly affecting crude oil markets and trade routes.
Global Fuel Crunch and India's Response
PM Modi highlighted that the West Asia war has led to a serious fuel issue worldwide, with India also experiencing worrying effects. "This war has been going on for over 3 weeks. It has created a serious fuel issue in the world. The situation in India is worrying too. This has impacted our ways of business," he stated. The conflict, which began on February 28 following the killing of Iran's former Supreme Leader Ayatollah Khamenei, has disrupted key trade passages like the Strait of Hormuz, shaking the global economy.
Strategic Oil Reserves and Infrastructure Boost
Emphasizing India's readiness, PM Modi detailed the government's efforts over the past 11 years to build strategic oil reserves. India has created 53 lakh metric tonnes (MT) of strategic oil reserves, with ongoing work to add another 65 lakh MT. Additionally, the country is enhancing its gas arrangements and refining capacity. "Along with that, India's refining capacity has also been increased in the past 10 years. I want to assure the country that India has enough crude oil storage and non-stop supply arrangements," he affirmed.
Government Initiatives and Economic Measures
To mitigate the crisis, the Centre has launched several initiatives:
- A Rs 70,000-crore project to manufacture ships, aimed at strengthening maritime logistics.
- Efforts to procure gas and crude oil from all available sources to ensure supply diversity.
- Formation of 7 empowered groups to develop strategies on fuel, supply chains, fertilisers, and other critical areas.
Commitment to Peace and Economic Growth
Asserting India's stance, PM Modi called for peace in the region through dialogue and diplomacy. He also reaffirmed the commitment to maintain high economic growth despite the challenges. "Irrespective of crisis, maintaining high economic growth is our responsibility," he said, underscoring the government's focus on stability and progress.
This address comes amid heightened global tensions, with developments such as the US-Israel-Iran war updates, potential talks in Islamabad, and disruptions like Amazon Web Services issues following drone attacks in Bahrain. PM Modi's statements aim to provide clarity and confidence to the nation during this volatile period.
