New Delhi [India], March 24 : Prime Minister Narendra Modi on Tuesday announced that the Centre has established seven empowered groups to work for a "swift and far-reaching strategy" for fuel and gas supply amid the West Asia conflict.
Addressing the Upper House of the Parliament, PM Modi said that the government has also formed an interministerial group to assess the challenges.
Acknowledging the global crisis amid the tensions in West Asia, PM Modi noted that the fundamentals of the Indian economy are strong and the government is ensuring "minimum impact."
He said, "The current crisis has shaken the entire global economy. The world will take a lot of time to recover from the loss in West Asia. To ensure that there is minimal impact on India, continuous efforts are being made. The fundamentals of our economy are strong. The government is keeping an eye on the frequently changing situation. Government is working strategically for its short-term, medium-term and long-term impact."
The Indian government has also formed an interministerial group which meets regularly and assesses all the problems that occur in our import-export. This group has also been working on necessary solutions. Seven empowered groups were formed yesterday. This group will work under a swift and far-reaching strategy for supply chain, petrol, diesel, gas, fertilisers, inflation and other essential things. I am confident that we will be able to face the situation better through a joint effort," the Prime Minister added.
The ongoing conflict in West Asia has entered its fourth week, disrupting trade routes through the Strait of Hormuz. Tensions escalated following the killing of 86-year-old Iran's Supreme Leader, Ayatollah Ali Khamenei, in joint military strikes by the US and Israel on February 28.
In retaliation, Iran targeted Israeli and US assets across several Gulf countries, causing further disruptions to the waterway and impacting international energy markets as well as global economic stability.
Meanwhile, today, the Ministry of External Affairs (MEA) highlighted extensive efforts made by the Government of India to facilitate the return of Indian nationals from the Gulf and West Asia amid regional airspace closures and flight restrictions.
Two Indian LPG carriers, Jag Vasant and Pine Gas, have successfully transited through the strategic Strait of Hormuz, marking a significant movement in energy transport.
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