As Mideast conflict intensifies, India flags risks to trade & energy security

New Delhi: As the conflict in West Asia widened, India on Tuesday emphasised the interest of one crore Indian nationals in the region and voiced concern over consequences for the Indian economy due to possible disruptions in energy supplies, even as Prime Minister Narendra Modi discussed the precarious situation with leaders of Oman, Kuwait and Qatar.

In its second statement since the US-Israel strikes on Iran and Tehran’s subsequent retaliation, India once again called for “dialogue and diplomacy” to end the conflict, noting that New Delhi has critical stakes in the security and stability of West Asia and the current developments “evoke great anxiety”.

New Delhi said it will continue to closely monitor the evolving situation and take relevant decisions in the national interest, adding that it is in touch with the governments in the region as well as other key partners. “In recent days, we have not only witnessed an intensification of the conflict but also its spread to other nations. The destruction and deaths have mounted, even as normal life and economic activities come to a halt,” the Ministry of External Affairs (MEA) said.

“As a proximate neighbour with critical stakes in the security and stability of the region, these developments evoke great anxiety.”

The ministry said almost one crore Indian citizens are living in West Asia and their safety and well-being are of “utmost priority” for New Delhi. “We cannot be impervious to any development that negatively affects them,” it said.

“Our trade and energy supply chains also traverse this geography. Any major disruption has serious consequences for the Indian economy,” the ministry said.

The Strait of Hormuz handles nearly 20 per cent of the world’s total oil and gas supplies. About 50 per cent of India’s oil imports or roughly 2.6 million barrels a day pass through

the Strait.

“As a country whose nationals are prominent in the global workforce, India is also firmly opposed to attacks on merchant shipping. Already, some Indian nationals have lost their lives or are missing as a result of such attacks in the last few days,” it said. “In this background, India strongly reiterates its call for dialogue and diplomacy. We raise our voice clearly in favour of an early end to the conflict. Already, many lives have been regrettably lost and we express our grief in that regard,” it added.