Prime Minister Narendra Modi on Sunday directed authorities to ensure there is no black-marketing or hoarding of essential commodities as the government assessed the impact of the ongoing West Asia conflict on India’s economy and supply chains.
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Chairing a meeting of the Cabinet Committee on Security, the Prime Minister reviewed the situation and “ongoing and proposed mitigating measures in the context of ongoing West Asia Conflict,” the Prime Minister’s Office (PMO) said in a statement.
The PM said the conflict is an evolving situation and the entire world is affected in some form, the PMO said. “In such a situation, all efforts must be made to safeguard the citizens from the impact of this conflict.”
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Prime Minister Modi instructed that all arms of government should work together to ensure the least inconvenience to the citizens. He also asked for proper coordination with state governments to ensure no black-marketing and hoarding of important commodities, the PMO said.
Iran has nearly shut the Strait of Hormuz, a critical global shipping corridor that carries a significant share of the world’s oil and liquefied natural gas supplies. The closure has disrupted the energy supply to several Asian countries, including India.
Today’s meeting covered a broad assessment of sectors ranging from agriculture and fertilisers to petroleum, power, trade, and supply chains, with officials outlining both immediate and longer-term measures.
The PMO said, “The expected impact and measures taken to address it across sectors like agriculture, fertilisers, food security, petroleum, power, MSMEs, exporters, shipping, trade, finance, supply chains, and all affected sectors were discussed.”
The ministers also examined the wider economic implications of the conflict that began on February 28. “The ongoing conflict in West Asia will have significant short, medium, and long-term impact on the global economy, and its effect on India was assessed, and counter-measures, both immediate and long-term, were discussed,” the statement said.
The government carried out a detailed review of essential supplies, including food, fuel, and energy, the PMO said, adding that plans were discussed to ensure availability in the short, medium, and long term.
