Defence Minister Rajnath Singh on Monday chaired the fifth meeting of the Informal Group of Ministers (IGoM) on the ongoing West Asia crisis at Kartavya Bhawan-2 in New Delhi to review the evolving situation and assess India’s preparedness to minimise its impact on citizens and the economy.
The meeting was attended by Union Ministers Jagat Prakash Nadda, Hardeep Singh Puri, Ashwini Vaishnaw, Kiren Rijiju, Kinjarapu Rammohan Naidu, Sarbananda Sonowal and Minister of State (Independent Charge) Jitendra Singh.
During the meeting, officials informed the ministers that India’s energy and essential commodity supplies remain secure despite the continuing conflict in West Asia and rising global uncertainty.
The government stated that the country currently has crude oil reserves for around 60 days, natural gas stocks for 60 days and LPG reserves sufficient for approximately 45 days. India’s foreign exchange reserves were also described as comfortable at around 703 billion US dollars.
Officials said India continues to meet its domestic petroleum demand fully while exporting petroleum products to more than 150 countries. However, they noted that persistently high international crude oil prices were placing a significant financial burden on the country.
The ministers were informed that oil marketing companies have absorbed losses of nearly Rs 1,000 crore per day to shield consumers from the sharp increase in global fuel prices. Under-recoveries during the first quarter of 2026 were stated to be close to Rs 2 lakh crore.
The government stressed that there was no shortage of fuel or essential commodities and urged people not to panic or resort to unnecessary bulk purchasing.
The meeting also reviewed Prime Minister Narendra Modi’s recent appeal for public participation in conserving resources and reducing unnecessary consumption amid global economic disruptions caused by international conflicts.
The Prime Minister had urged citizens to reduce petrol and diesel consumption by using public transport, carpooling and avoiding unnecessary travel. He also encouraged domestic tourism, responsible spending, reduced gold purchases and adoption of energy-efficient practices.
Farmers were advised to cut chemical fertiliser usage, adopt natural farming methods and increase the use of solar-powered irrigation pumps to reduce import dependence and protect soil health.
Rajnath Singh directed ministries and state governments to work in coordination to promote fuel efficiency, public awareness and responsible consumption habits at the grassroots level.
In a post on X after the meeting, the Defence Minister assured citizens that the government was taking all necessary steps to maintain uninterrupted supply chains and availability of essential goods.
He emphasised that India’s immediate priorities included ensuring uninterrupted energy flows, maintaining economic stability and safeguarding maritime trade routes.
The Defence Minister also stressed the need to accelerate the transition towards renewable energy, diversify energy sources and strengthen strategic reserves to prepare for possible future supply chain disruptions.
He said the West Asia crisis should not be viewed in isolation, noting that international conflicts increasingly have global economic and strategic consequences in an interconnected world. He underlined the importance of strategic preparedness, early warning systems and coordinated government response mechanisms.
The ministers were also informed about recent economic support measures announced by the Centre, including the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 approved by the Union Cabinet earlier this month.
The scheme aims to provide additional credit flow of Rs 2.55 lakh crore to industries, including MSMEs and the aviation sector, with 100 per cent credit guarantee coverage for MSMEs and 90 per cent coverage for non-MSMEs.
Officials further said the Finance Ministry had issued force majeure-related relief measures for industries affected by the crisis, allowing extension of contractual deadlines by two to four months from February 28, 2026.
The meeting was also informed that fertiliser stocks across the country remained sufficient and supplies continued to exceed current demand levels.(KINS)
