KNB News Desk
New Delhi, May 11 (KNB): Defence Minister Rajnath Singh on Monday chaired the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia and assured the nation that India has adequate reserves of petroleum products, natural gas and LPG, stating that there is “no reason for anxiety or panic buying.”
According to the Press Information Bureau (Defence Wing), the government informed the meeting that India currently maintains nearly 60 days of crude oil reserves, 60 days of natural gas stock and 45 days of LPG rolling stock, ensuring uninterrupted supplies despite global instability arising from the ongoing West Asia conflict.
The high-level meeting, held at Kartavya Bhawan in New Delhi, reviewed the evolving situation in the region and discussed measures to minimise the impact of international disruptions on Indian citizens and the economy. Union Ministers including Hardeep Singh Puri, Jagat Prakash Nadda and Ashwini Vaishnaw attended the meeting.
Addressing the meeting, Rajnath Singh said the government’s priority is to ensure that “energy flows remain uninterrupted, economic stability is maintained and maritime trade routes remain secure.” He urged citizens to remain calm and avoid unnecessary hoarding of fuel and essential commodities, adding that supply chains across the country remain stable.
The Defence Minister also emphasised the importance of “strategic crisis anticipation, early warning assessment, scenario planning and timely whole-of-government preparedness” in view of the rapidly evolving global situation.
The IGoM was informed that India’s foreign exchange reserves currently stand at nearly 703 billion US dollars, while domestic oil marketing companies have been absorbing major losses to shield consumers from the impact of rising international crude oil prices. Officials said fuel prices have surged sharply in several countries due to the conflict, but India has managed to maintain relative stability in the domestic market.
The government also highlighted several conservation measures suggested by Prime Minister Narendra Modi, including increased use of public transport, carpooling, promotion of domestic tourism, reduction in non-essential imports and adoption of solar-powered irrigation systems in agriculture.
On the fertiliser front, the government stated that stocks remain robust, with total fertiliser availability standing at 199.65 lakh tonnes, significantly higher than last year’s levels. Officials added that the current stock position is sufficient to meet more than 51 per cent of the estimated Kharif 2026 requirement.
The Centre further announced continued support for industries and MSMEs through the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0, with an additional credit flow target of Rs 2.55 lakh crore aimed at helping businesses cope with global economic disruptions.
Rajnath Singh reiterated that while the West Asia crisis remains a serious international concern, India is fully prepared to manage its impact through coordinated planning and efficient resource management. (KNB)