New Delhi, Mar 24 — Prime Minister Narendra Modi on Tuesday said the government has constituted seven empowered groups to address the economic and logistical fallout of the ongoing West Asia crisis, warning of “serious side effects” from the conflict.
Speaking in the Rajya Sabha, Modi said the groups will handle issues related to demand and supply, price fluctuations, trade and exports, and coordinate a comprehensive national response on the lines of mechanisms used during the COVID-19 pandemic.
“The serious side effects of the war are inevitable,” the Prime Minister said, while assuring that India has adequate crude oil reserves and supply capacity.
He said the country maintains 53 lakh metric tonnes of strategic petroleum reserves and has sufficient stocks to ensure uninterrupted fuel availability.
Modi also said the government has taken steps to protect the agriculture sector, noting that fertiliser supplies for the upcoming kharif season are adequate and additional procurement is underway.
On the diplomatic front, he reiterated that “dialogue and diplomacy are the only way forward” and said India remains in contact with Iran, the United States and Israel to push for de-escalation.
The Prime Minister said he has held two rounds of talks with Gulf leaders to ensure the safety of nearly one crore Indians in the region.
Mentioning broader policy direction, Modi said the crisis reinforces the need for self-reliance. “In a world full of uncertainties, self-reliance is the only option,” he said.
He pointed to improvements in refining capacity, growing domestic production of active pharmaceutical ingredients (APIs), and initiatives in shipbuilding and ship-breaking as key steps towards reducing external dependence.
Referring to global trade vulnerabilities, Modi noted that nearly 90 per cent of India’s trade is carried on foreign vessels and said a ₹700-crore push aims to strengthen domestic shipping capabilities.
Calling for coordinated action, he said the Centre and states must function as “Team India” to manage the crisis, similar to the response during the pandemic.