The evolving West Asia situation and its impact on India was the main focus of the fifth meeting of the Informal Group of Ministers (IGoM), chaired by Defence Minister Rajnath Singh on Monday.
The discussions were focused on reviewing "the existing risks to energy supply chains and domestic availability of essential commodities in the wake of the conflict in West Asia," Singh wrote in a post on X.
It was informed at the ministerial meeting that India's reserves are secure, and that there is no shortage of any petroleum products, unlike in other countries, where emergency measures have been taken to drastically reduce domestic consumption.
Specifically, it was notified that India currently has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock, with foreign exchange reserves valued at $703 billion.
Urging the general public to stay calm and not to engage in panic buying practices, Singh reaffirmed at the ministerial meeting that the Centre was actively taking steps to prevent shortages or disruptions in supply chains as the war in the Gulf progresses.
Still, fuel conservation was an important point raised at the meeting, with the Defence Minister reiterating PM Modi's call for being more careful with fuel expenditure—and overall spending—in a speech at Hyderabad on Sunday.
The PM on Sunday had urged people to reduce petrol and diesel consumption by using public transport and carpooling to a greater degree, refraining from unnecessary foreign trips by choosing to travel within India instead, and avoiding non-essential gold purchases for a year.
Other measures the PM announced, which were more directed towards farmers, included the reduction of chemical fertiliser usage by 50 per cent, shifting towards natural farming practices, helping protect soil health, reducing import dependence, and encouraging the wider adoption of solar-powered irrigation pumps instead of diesel pumps in agriculture.
The IGoM was also briefed about recent policy measures undertaken specifically to support industries (including MSMEs).
The most important of these was the May 5 approval of the Emergency Credit Line Guarantee Scheme 5.0 by the Union Cabinet, with a total additional credit flow target of Rs 2,55,000 crore with the objective of providing credit guarantee coverage of 100 per cent for MSMEs and 90 per cent for non-MSMEs, as well as the airline sector.
With the rising need for uninterrupted energy supply for India amid war-related tensions in the Strait of Hormuz, Singh also emphasised that India urgently needed to accelerate the pace of transforming its energy mix, adopting alternative, renewable, and energy-efficient fuels, and in the process, identifying more reliable and diversified energy supplies.
He also pointed out that India's strategic reserve needs were to be re-evaluated, keeping energy security in mind.