March 22, New Delhi: Prime Minister Narendra Modi chaired a meeting of the Cabinet Committee on Security to review the situation and ongoing and proposed mitigating measures in the context of the ongoing West Asia conflict.
The Cabinet Secretary gave a detailed presentation on the global situation and the mitigating measures taken so far and being planned by all concerned Ministries/Departments of the Government of India. The expected impact and measures taken to address it across sectors such as agriculture, fertilizers, food security, petroleum, power, MSMEs, exporters, shipping, trade, finance, supply chains, and all affected sectors were discussed. The overall macroeconomic scenario in the country and further measures to be taken were also discussed.
The ongoing conflict in West Asia will have significant short, medium, and long-term impacts on the global economy, and its effect on India was assessed. Counter-measures, both immediate and long-term, were discussed. A detailed assessment of the availability of essential needs for the common man, including food, energy, and fuel security, was made. Short-term, medium-term, and long-term measures to ensure the continued availability of essential needs were discussed in detail.
The impact on farmers and their need for fertilizers for the Kharif season was assessed. The measures taken in the last few years to maintain adequate stocks of fertilizers will ensure timely availability and food security. Alternative sources of fertilizers were also discussed to ensure continued availability in the future.
It was also determined that adequate coal stocks at all power plants will ensure no shortage of electricity in India.
Several measures were discussed to diversify the sources of imports required by chemicals, pharmaceuticals, petrochemicals, and other industrial sectors. Similarly, new export destinations to promote Indian goods will be developed in the near future.
Several measures proposed by different ministries will be prepared and implemented in the coming days after consultation with all stakeholders.
The PM directed that a group of ministers and secretaries be created to work dedicatedly in a whole-of-government approach. The PM also instructed for sectoral groups to work in consultation with all stakeholders.
The PM said that the conflict is an evolving situation, and the entire world is affected in some form. In such a situation, all efforts must be made to safeguard the citizens from the impact of this conflict. The PM instructed that all arms of government should work together to ensure the least inconvenience to the citizens. The PM also asked for proper coordination with state governments to ensure no black-marketing and hoarding of important commodities.
Source: PIB