THE JHARKHAND STORY DESK
New Delhi, March 27: The Centre has formed an Inter-Ministerial Group (IMG) led by Defence Minister Rajnath Singh to monitor the impact of the ongoing Middle East conflict on India’s energy security and economy.
High-level group to assess impact on key sectors
The group includes senior ministers such as Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and Petroleum Minister Hardeep Singh Puri. It will assess risks across sectors and coordinate responses as global trade and energy flows remain affected.
The move follows a high-level review chaired by Prime Minister Narendra Modi under the Cabinet Committee on Security (CCS), where the government evaluated the conflict’s impact on sectors like agriculture, fertilisers, petroleum, power, shipping, and supply chains. Officials also reviewed the broader economic outlook and discussed both short- and long-term strategies.
Fuel supply, fertilisers and power situation under watch
The government has stressed maintaining uninterrupted supplies of essential commodities. Discussions included ensuring fertiliser availability for the upcoming kharif season, diversifying import sources, and expanding export markets.
Officials said there is no immediate risk to the power supply, with adequate coal stocks available at plants. The government has also taken steps to manage fuel prices, reducing excise duty on petrol to Rs 3 per litre and bringing diesel duty to zero, while imposing a windfall tax on diesel exports.
Changes have also been made to Aviation Turbine Fuel (ATF) duties to balance industry needs and price stability.
The Petroleum Ministry assured that petrol pumps across the country have adequate fuel stocks and urged people to avoid panic buying. Port operations remain normal, and Indian ships and crew in the Persian Gulf are safe.
The global energy situation has been impacted by tensions involving the US, Israel, and Iran, particularly after disruptions in the Strait of Hormuz, a key oil route. India earlier sourced around 12–15% of its crude imports through this corridor.
Prime Minister Modi recently said the crisis could have long-term global economic consequences but assured that the government is closely monitoring the situation and taking steps to minimise its impact on India.