New Delhi, May 11 (NVI): Defence Minister Rajnath Singh on Monday chaired a high-level meeting of the Informal Group of Ministers (IGoM) on West Asia and asserted that India is fully prepared to tackle any fallout arising from the ongoing global conflict.
The government said there is no shortage of petroleum products or essential commodities in the country and urged citizens not to panic or rush to fuel stations.
According to officials, India currently has reserves of 60 days of crude oil and natural gas, along with 45 days of LPG stock. The meeting reviewed the latest developments in West Asia and discussed measures to minimise the impact of the crisis on the Indian economy and public.
The meeting, held at Kartavya Bhawan in New Delhi, was attended by Union Ministers including J. P. Nadda, Hardeep Singh Puri, Ashwini Vaishnaw, Kiren Rijiju, Sarbananda Sonowal and Jitendra Singh among others.
Officials informed the ministers that India remains one of the few countries where fuel prices have remained stable despite prolonged global volatility. They said oil marketing companies are absorbing massive losses to shield consumers from rising international crude prices.
The government also highlighted that India’s foreign exchange reserves stand at around USD 703 billion and that the country continues to meet domestic fuel demand fully while exporting petroleum products to more than 150 countries.
Rajnath Singh directed ministries and states to intensify awareness measures on fuel conservation and responsible consumption. He stressed the need to strengthen renewable energy capacity, diversify energy supplies and enhance strategic reserves to deal with future disruptions.
The ministers were also informed that fertiliser stocks in the country remain comfortable, with total availability standing at 199.65 lakh metric tonnes, significantly higher than the corresponding period last year.
The Centre further said that there is no need for panic buying of fuel or essential items and assured that supply chains across the country remain stable.(NVI)
