Prime Minister Narendra Modi on Monday highlighted global instability and its direct impact on India’s economy, particularly in relation to crude oil dependence and disrupted supply chains, while addressing a programme in Vadodara linked to Sardardham initiatives.
Referring to the current international situation, he said the world is passing through multiple overlapping crises. “First the COVID-19 crisis, then global economic challenges, and now increasing tensions in West Asia,” he stated, adding that these developments were affecting every country, including India.
He further said that if the COVID-19 pandemic was “the biggest crisis of this century,” then the present situation in West Asia, marked by conflict, was among the major challenges of the current decade. The Prime Minister emphasised that global supply chains had been significantly affected and that energy markets were under pressure.
"These disruptions were influencing prices and availability across sectors," he said. Focusing on crude oil, he said India remains heavily dependent on imports. “India spends a huge amount of foreign exchange on importing crude oil,” he said, pointing out that instability in oil-producing regions was creating additional pressure.
He added that such global uncertainties required citizens to adopt small but meaningful changes in consumption patterns. “Until the situation becomes normal, we must all take small collective steps,” he said. He also urged greater use of public transport systems, Metro services, electric vehicles and carpooling, stating that reducing fuel consumption would help reduce pressure on foreign exchange reserves.
The Prime Minister further highlighted the role of digital technology in reducing travel needs, stating that virtual meetings and work-from-home practices should be encouraged wherever possible. He concluded that individual actions, when combined at a national scale, could help India manage external economic pressures more effectively. "We all have to be united as we have been before in other crises," he noted.