New Delhi, March 24 Prime Minister Narendra Modi on Tuesday emphasised the government’s plans and measures to insulate citizens from global oil shocks while highlighting the Centre’s endeavour to keep the global energy supply routes intact and operational.
He informed the Upper House that an elaborate campaign was underway to build 'Made in India' ships to reduce the country’s dependence on foreign players, in a rapidly changing global environment.
Briefing the Rajya Sabha on the West Asia crisis, PM Modi made a strong pitch for self-reliance in every sector, including global fuel transportation and maritime corridors.
“Atmanirbharta is the only solution to insulate the country and countrymen from global shocks. Presently, about 90 per cent of Indian trade is carried out on foreign ships, making us dependent on foreign players,” he said.
Stating that such dependence only aggravates the situation in the face of any global conflict or war, the Prime Minister said that the government is on course to raise 'Made in India' ships at a whopping sum of Rs 70,000 crore.
He said the government has undertaken a mega initiative to make India self-sufficient in maritime businesses, asserting that India will soon become a key player in shipbuilding, shipbreaking, maintenance and overhauling.
The Prime Minister reiterated the government’s resolve to achieve self-reliance in other sectors, including defence, explaining how a major share of India’s weaponry is now being built indigenously.
PM Modi said that the country’s economic fundamentals are strong, the government is vigilant and watchful and contingency measures are being planned on a short-term, mid-term and long-term impact basis.
He further said that, akin to the Covid-19 pandemic, the government has formed several inter-ministerial panels to defuse the fuel crisis arising out of the West Asia conflict.
PM Modi said the war in West Asia has created a serious global energy crisis and has disrupted routine supplies, particularly through the Strait of Hormuz, a key route for crude oil, gas and fertilisers.
He further said that India is trying to ensure the safe movement of ships carrying essential supplies despite the conflict situation.
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