NEW DELHI, March 24 — Prime Minister Narendra Modi announced Tuesday the formation of seven empowered groups to address the “serious side effects” of the escalating West Asia conflict. Speaking in the Rajya Sabha, the Prime Minister stated that these specialized units will manage a comprehensive national response, focusing on demand and supply side issues, trade exports, and volatile price fluctuations.
The Prime Minister maintained that while the global upheaval makes certain domestic impacts inevitable, India is well-prepared with adequate crude oil storage. He affirmed that the nation’s refining capacities and a strategic petroleum reserve of 53 lakh metric tons provide a significant buffer against energy disruptions. Modi asserted that the government is in constant contact with leaders in the U.S., Iran, and Israel to advocate for peace through dialogue and diplomacy.
Beyond energy security, the Prime Minister noted that the government has secured sufficient fertilizer supplies for the upcoming kharif sowing season to protect the agricultural sector. He declared that self-reliance is the only viable path forward in an uncertain global climate. To this end, he cited a new ₹700 crore initiative aimed at expanding India’s shipbuilding and ship-breaking industries, noting that 90% of Indian trade currently relies on foreign vessels.
The administration has also reported progress in reversing import dependence on active pharmaceutical ingredients (APIs). The Prime Minister affirmed that the resilience of the Indian economy depends on the Centre and states working together as “Team India,” similar to the collaborative efforts seen during the pandemic. He stated that past reforms are currently holding the nation in good stead despite international instability.
