Defence Minister Rajnath Singh led the fourth Informal Group of Ministers (IGoM) meeting to discuss the uncertain and volatile situation in West Asia. Emphasizing the need for India to be ready for both de-escalation and potential escalation, Singh highlighted the government’s swift actions under Prime Minister Narendra Modi to address risks arising from the conflict.
Singh noted the approval of the ‘Bharat Maritime Insurance Pool’ by the Union Cabinet, backed by a sovereign guarantee of Rs 12,980 crore. This initiative aims to ensure continuous and affordable maritime insurance coverage for cargo vessels traveling to and from Indian ports, even on unstable sea routes, strengthening India’s trade resilience.
The meeting also addressed India’s stable energy security position despite global disruptions. With reserves exceeding 60 days for crude oil, petrol, diesel, and ATF, and adequate stocks for LNG and LPG, India has diversified energy imports to reduce reliance on vulnerable routes like the Strait of Hormuz, securing supplies from various regions.
Promoting the use of piped natural gas (PNG), the government has seen a significant increase in new connections and registrations. Efforts to enhance the petrochemical sector include the formation of an inter-ministerial Joint Working Group (JWG) to ensure feedstock availability and allocation of resources for critical sectors like pharma and chemicals.
The meeting highlighted stable supplies of key inputs like propylene and methanol, with no reported shortages. Fertilizer stocks, including urea, DAP, NPK, SSP, and MOP, remain sufficient, supported by additional supplies. Singh emphasized the welfare of the Indian diaspora and the importance of documenting best practices to strengthen India’s response framework during global disruptions.
