The Prime Minister emphasised that the government has taken proactive steps over the past decade to strengthen the country’s energy security and reduce vulnerability to global disruptions
Prime Minister Narendra Modi. Pic/PTI
Prime Minister Narendra Modi on Tuesday assured Parliament that India has sufficient crude oil reserves and robust mechanisms in place to ensure uninterrupted energy supply, even as the ongoing West Asia conflict continues to disrupt global markets, reported news agency ANI.
Addressing the Rajya Sabha, the Prime Minister emphasised that the government has taken proactive steps over the past decade to strengthen the country’s energy security and reduce vulnerability to global disruptions, reported ANI.
Strategic Petroleum Reserves Expanded Significantly
PM Modi highlighted that India’s strategic petroleum reserves have been expanded to over 53 lakh metric tonnes in the last 11 years, with plans underway to increase the capacity further to more than 65 lakh metric tonnes, reported ANI.
He also pointed out that India’s refining capacity has seen substantial growth, enabling the country to process larger volumes of crude oil domestically and maintain supply stability during global uncertainties.
Strait of Hormuz Disruption Raises Global Concerns
The Prime Minister acknowledged that disruptions in the Strait of Hormuz — one of the world’s most critical trade routes — have impacted global transportation of crude oil, gas, and fertilisers.
Despite these challenges, PM Modi said India has been actively working to secure supplies from multiple sources. He noted that in recent days, several shipments of crude oil and LPG from different countries have successfully reached India, reported ANI.
Diversification of Energy Imports Strengthens Resilience
Underscoring the importance of diversification, PM Modi said India has expanded its energy import network from 27 countries to 41 countries over the past decade. This strategy aims to reduce dependence on any single supplier and enhance resilience against geopolitical risks.
“Our effort is to ensure that oil and gas supplies reach India from wherever possible,” he said, adding that diversification has already shown positive results in maintaining steady supplies, reported ANI.
Focus on Domestic Gas Distribution
The government is also prioritising the expansion of domestic gas infrastructure, including piped natural gas (PNG) and LPG connections. PM Modi noted that significant progress has been made in the last decade, with further acceleration in recent years to ensure wider access to clean energy for households, reported ANI.
Measures to Minimise Impact of Global Crisis
The Prime Minister acknowledged that the ongoing conflict has shaken global economies and could have long-term repercussions. However, he assured that India is taking continuous steps to minimise the impact on its economy and citizens.
He expressed confidence that the country’s preparedness and policy measures would help it navigate the crisis effectively.
Fertiliser Supply Secured for Farmers
Addressing concerns related to agriculture, PM Modi said the government has made adequate arrangements to ensure sufficient availability of fertilisers for farmers ahead of the upcoming sowing season, reported ANI.
He stressed that efforts are being made to shield farmers from the adverse effects of global disruptions and ensure that agricultural productivity remains unaffected.
(With inputs from ANI)
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