New Delhi: Recognizing the “significant impact” of the conflict in West Asia on the global economy and its impact on India, the Cabinet Committee on Security headed by Prime Minister Narendra Modi on Sunday discussed measures to diversify sources of imports in chemicals, pharmaceuticals, petrochemicals and other industrial sectors while taking solace from fertilizer and coal stocks.“We held extensive discussions on short, medium and long-term measures, including ensuring continued access to fertilizers for farmers, diversifying sources of imports in key sectors, promoting exports to new destinations and more. We are committed to protecting our citizens from the effects of conflict,” the prime minister said in a post on
The assessment believes that it may not have a major impact on the country in the short term, but preparations need to be made for the medium to long term. Currently, the challenge for policymakers is that it is unclear when and how the conflict will end.“The ongoing conflict in West Asia will have significant short-, medium- and long-term impacts on the global economy and we have assessed its impact on India and discussed short- and long-term responses,” an official statement said.Sunday’s meeting was also attended by other ministers including those of Agriculture, Health, Chemicals, Power, Shipping, Civil Aviation, Commerce and Industry, Industry and Industry, Food and Civil Supplies and Railways.While Modi has been holding talks with his counterparts in other countries, particularly leaders in the Gulf region, which has a large Indian diaspora and is the source of large energy imports, this was the first meeting at the CCS level to chart a strategy and assess the impact of the conflict that will continue for some time.The Prime Minister suggested setting up a dedicated group of ministers and secretaries to deal with the issue and conducting detailed consultations with stakeholders through departmental groups. He also asked the Center to coordinate with states to check black markets and hoarding.The Prime Minister said the conflict is an evolving situation and the entire world is affected in some way. In this context, every effort must be made to protect citizens from the effects of the conflict. The Prime Minister directed all departments of the government to work together to ensure that inconvenience to citizens is minimized,” an official statement said.It added that several measures proposed by different ministries will be prepared and implemented in the coming days.During the meeting, Cabinet Secretary Somanathan briefed on the global situation, mitigation measures taken so far and mitigation measures being planned by various departments. “The expected impact and measures to be taken to address the issue were discussed in sectors such as agriculture, fertilizers, food security, petroleum, power, MSMEs, exporters, shipping, trade, finance, supply chain and all affected sectors. The meeting also discussed the country’s overall macroeconomic situation and further measures to be taken. “
