India is swiftly addressing the economic impact of the ongoing Middle East conflict by collaborating with both the government and industry to ensure supply chains, energy security, and overall economic stability, as per the Confederation of Indian Industry (CII). CII Director General Chandrajit Banerjee emphasized that India is starting this challenging phase from a position of strength, attributing it to years of economic reforms and the government’s emphasis on self-reliance through the Atmanirbhar Bharat initiative.
Banerjee highlighted the prompt and measured response from both the government and industry in managing the crisis. He mentioned that the government has taken decisive actions such as diversifying crude oil sources, increasing LPG production, promoting exports, and maintaining currency stability to mitigate the crisis’s impact. Additionally, he stressed the importance of accelerating India’s shift towards sustainable and self-reliant energy systems through investments in renewable energy, green hydrogen, biofuels, and energy efficiency.
India’s industry is actively adapting to the situation by diversifying energy sources, enhancing supply chain efficiency, and safeguarding jobs. CII commended the government for timely support measures to alleviate operational challenges faced by businesses. The industry body also praised the government’s proactive efforts to assist Indian nationals in the Gulf region and provide continuous consular support, reflecting India’s readiness in a rapidly changing regional landscape.
CII emphasized its close collaboration with the government and various sectors to monitor supply chain risks, tackle shortages, and offer real-time feedback. Despite acknowledging the ongoing challenges, Banerjee expressed confidence in India’s ability to navigate the crisis and sustain its economic progress through a coordinated approach between the government and industry. He concluded by affirming that India possesses the capability to effectively respond to challenges and safeguard its economic interests.
