Narendra Modi outlined India’s strategy to navigate the economic and strategic fallout of the ongoing West Asia conflict, warning that the crisis has already disrupted global energy supplies, trade routes, and market stability, with consequences that could persist over an extended period.
Addressing the Rajya Sabha, the Prime Minister noted that the conflict, now stretching beyond three weeks, has triggered a significant fuel crisis worldwide and affected the steady flow of essential resources. He emphasised that disruptions to key trade routes have impacted the supply of petroleum products, gas, and fertilisers, making the situation particularly concerning for India.
Despite these challenges, Modi asserted that India’s economic fundamentals remain strong and that the government is actively monitoring developments. He stated that decisions are being taken with caution and seriousness to minimise the impact on the domestic economy, while also preparing for the possibility of prolonged instability.
Highlighting the long-term implications, he warned that the effects of the conflict may not subside quickly and could continue to influence global markets and supply chains. He stressed the need for patience and coordinated action in responding to what he described as an unprecedented and evolving crisis.
The Prime Minister also called upon state governments to remain vigilant and take strict measures against hoarding and black marketing of essential commodities. He urged a coordinated national approach, similar to the response during the COVID period, to ensure an uninterrupted supply and protect vulnerable sections of society, including the poor and migrant workers.
A major concern flagged during his address was the situation in the Strait of Hormuz, a critical global energy corridor where several ships remain stranded. He pointed out that a significant number of Indian crew members are aboard these vessels, making their safety a priority. India, he said, is actively engaging through diplomatic channels to ensure safe passage and reduce tensions in the region.
The safety of Indian citizens abroad was highlighted as a key priority, with Modi noting that nearly one crore Indians reside in Gulf countries. He stated that over 3.75 lakh Indians have already been brought back safely since the conflict began, including more than 1,000 individuals from Iran, among them a large number of students.
On the diplomatic front, India has maintained continuous engagement with major stakeholders, including Iran, Israel, and the United States, advocating for de-escalation and a peaceful resolution. Modi reiterated that any escalation threatening human life is against global interests and that India will continue to push for dialogue.
To counter supply disruptions, the government is diversifying energy procurement and strengthening reserves. Modi highlighted that India has built a strategic petroleum reserve of over 53 lakh metric tonnes and is working to expand this capacity further. He also underscored the importance of long-term self-reliance, pointing to investments such as a large-scale shipbuilding initiative aimed at strengthening domestic capabilities.
The overall approach, as outlined by the Prime Minister, combines immediate crisis management with long-term planning, focusing on energy security, economic resilience, citizen safety, and sustained diplomatic engagement in an increasingly uncertain global environment.
