India taking concrete measures to shield supply chains amid West Asia crisis: Rajnath Singh
New Delhi: India has implemented concrete measures to shield supply chains and ensure uninterrupted energy flows amid the escalating West Asia crisis, Defence Minister Rajnath Singh said Monday.
Singh, while chairing a high-level meeting of the Informal Group of Ministers (IGoM) set-up to monitor the situation in West Asia, emphasised that the government is prioritising maritime security and economic stability to offset global volatility.
The defence minister directed officials to take concrete steps to implement the Prime Minister Narendra Modi's appeal that included cutting fuel consumption as part of efforts to help conserve India's foreign exchange reserves.
The meeting was attended by Chemicals and Fertilisers Minister Jagat Prakash Nadda, Petroleum Minister Hardeep Singh Puri, Railways and Information and Broadcasting Minister Ashwini Vaishnaw, Civil Aviation Minister Kinjarapu Rammohan Naidu, and Ports and Shipping Minister Sarbananda Sonowal, among others.
The IGoM was informed that the country is secure, and there is no shortage of any petroleum product, even as most other nations have taken emergency measures to dramatically reduce domestic fuel consumption, the defence ministry said.
"India has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock. The foreign exchange reserves stand at a comfortable USD 703 billion," it said.
"India is the world's third largest oil refiner and fourth largest exporter of petroleum products, exporting to over 150 countries and is meeting domestic demand in full. But there is a huge cost being borne by the nation as international crude prices are continuing at very high levels," it said.
The ministry said fuel conservation can ease this "burden".
It said PM Modi's appeal to the people to help the country deal with global economic disruptions, supply chain challenges and rising prices emphasised prudence in usage of petroleum products and reducing wasteful consumption so that the fiscal burden is reduced.
The defence minister directed the officials to take concrete steps to implement the prime minister's appeal.
"Ministries and states must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour," said Singh.
He urged the people to remain calm and avoid any kind of panic as all concrete steps are being taken to prevent shortages or disruptions in supply chains.
The defence minister emphasised that the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure.
He also directed all stakeholders to remain vigilant to deal with every situation.
Singh underlined the need for India to accelerate the process of transforming its energy mix, rapidly expanding renewable-based alternative energy sources, identifying more reliable and diversified energy supplies, and increasing investment in energy efficiency technologies.
He called for re-evaluation of strategic reserve requirements to tackle issues arising from supply chain disruptions, keeping future energy security in mind.
The defence minister asserted that the West Asia situation should not be viewed merely as a stand-alone event as any form of international crisis directly or indirectly affects all nations in today's interconnected global environment, the official readout said.
He stressed the need to focus on strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness, it said.
Singh, while chairing a high-level meeting of the Informal Group of Ministers (IGoM) set-up to monitor the situation in West Asia, emphasised that the government is prioritising maritime security and economic stability to offset global volatility.
The defence minister directed officials to take concrete steps to implement the Prime Minister Narendra Modi's appeal that included cutting fuel consumption as part of efforts to help conserve India's foreign exchange reserves.
The meeting was attended by Chemicals and Fertilisers Minister Jagat Prakash Nadda, Petroleum Minister Hardeep Singh Puri, Railways and Information and Broadcasting Minister Ashwini Vaishnaw, Civil Aviation Minister Kinjarapu Rammohan Naidu, and Ports and Shipping Minister Sarbananda Sonowal, among others.
The IGoM was informed that the country is secure, and there is no shortage of any petroleum product, even as most other nations have taken emergency measures to dramatically reduce domestic fuel consumption, the defence ministry said.
"India has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock. The foreign exchange reserves stand at a comfortable USD 703 billion," it said.
"India is the world's third largest oil refiner and fourth largest exporter of petroleum products, exporting to over 150 countries and is meeting domestic demand in full. But there is a huge cost being borne by the nation as international crude prices are continuing at very high levels," it said.
The ministry said fuel conservation can ease this "burden".
It said PM Modi's appeal to the people to help the country deal with global economic disruptions, supply chain challenges and rising prices emphasised prudence in usage of petroleum products and reducing wasteful consumption so that the fiscal burden is reduced.
The defence minister directed the officials to take concrete steps to implement the prime minister's appeal.
"Ministries and states must identify, in a coordinated manner, measures to institutionalise fuel efficiency, public awareness, and responsible consumption behaviour," said Singh.
He urged the people to remain calm and avoid any kind of panic as all concrete steps are being taken to prevent shortages or disruptions in supply chains.
The defence minister emphasised that the primary focus for India during the current phase is to ensure that energy flows remain uninterrupted, economic stability is maintained, and maritime trade routes remain secure.
He also directed all stakeholders to remain vigilant to deal with every situation.
Singh underlined the need for India to accelerate the process of transforming its energy mix, rapidly expanding renewable-based alternative energy sources, identifying more reliable and diversified energy supplies, and increasing investment in energy efficiency technologies.
He called for re-evaluation of strategic reserve requirements to tackle issues arising from supply chain disruptions, keeping future energy security in mind.
The defence minister asserted that the West Asia situation should not be viewed merely as a stand-alone event as any form of international crisis directly or indirectly affects all nations in today's interconnected global environment, the official readout said.
He stressed the need to focus on strategic crisis anticipation, early warning assessment, scenario planning, and timely whole-of-government preparedness, it said.
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