‘Energy security at risk’: PM Modi cautions against escalation in Middle East
New Delhi: Prime Minister Narendra Modi on Friday expressed concern over the growing conflicts in the Middle East and the ongoing Russia-Ukraine war, noting their potential impact on the global economy and energy security. His remarks came during the 3rd edition of the Kautilya Economic Conclave, where he also underscored his government’s commitment to ongoing reforms aimed at making India a developed nation by 2047.
Modi made an indirect reference to the volatile situations in the Middle East, particularly the Israel-Iran tensions, which have raised fears of a broader conflict. “These two big regions are crucial for the global economy as well as energy security,” Modi said, without explicitly naming the countries involved. Experts have warned that if Israel strikes Iran, especially targeting its nuclear and oil facilities, it could lead to a spike in energy prices and further destabilise the region.
India, which imports over 85 per cent of its crude oil and about half of its natural gas needs, relies heavily on Middle Eastern suppliers. A prolonged conflict in the region could disrupt these supplies, creating further economic challenges for the country.
Amidst global uncertainties, Modi stressed the resilience of the Indian economy and reaffirmed his administration’s focus on reforms. “In the midst of these big global uncertainties, we are all here witnessing the Indian era,” he said, adding that India is “at a sweet spot” in sectors like science, technology, and innovation.
He reiterated the government’s “Reform, Perform, and Transform” agenda and highlighted that India is currently the fastest-growing major economy, ranking as the world’s fifth-largest economy in terms of GDP.
Over the past decade, Modi’s administration has implemented a series of structural reforms, including the introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code, and the liberalisation of the mining and defence sectors. These moves, Modi said, have positioned India as a prime destination for global investors.
The Prime Minister also outlined recent initiatives aimed at fostering youth employment, including the PM Internship scheme, which has seen 111 companies sign up to provide opportunities for young professionals.
In addition, Modi pointed to India’s advancements in the semiconductor industry, which will soon see ‘Made in India’ chips become available globally. He also praised the success of the Production-Linked Incentive (PLI) scheme, which has attracted investments worth Rs 1.25 lakh crore into the country’s manufacturing sector.
“Today, India is not just preparing to reach the top but to stay at the top,” he declared, highlighting that 25 crore people have been lifted out of poverty in the last decade due to inclusive growth policies.
