Mumbai, March 14 Union Minister Piyush Goyal said on Saturday that India is well-positioned to handle any situation related to crude oil and fuel, as the West Asia crisis disrupts gas shipments and shipping routes, and highlighted that the government has increased kerosene production to provide an alternative option for ordinary people.
Speaking at the CNBC-TV India Business Leaders Awards 2026 ceremony, Goyal said the government plans to come up with a "concrete agenda" next week to support exporters.
"Regarding crude oil and fuel, we are in a good position. We have sufficient stocks. There have been absolutely no disruptions in the supply of crude or fuel, including petrol, diesel, and aviation fuel," Goyal said.
He said that India has increased kerosene production so that, in the event of any delays in LPG supplies, there will be an alternative cooking medium for ordinary people. "Incidentally, we are also covering the requirements of LPG and LNG through imports from diversified sources," he said.
"The shipping times were barely three or four days, at best seven days, when these shipments of gas arrived in India," he added, "Now we need to diversify to sources that are significantly far away from India... Canada, the US, and possibly Russia; we are looking at various alternative sources that will meet India's needs," he said.
Describing the ongoing geopolitical situation as a wake-up call for the country, he said that whenever India has faced a challenge, it has always been able to convert that into an opportunity.
"I believe that India is a very resilient country, with a strong economy and good fundamentals. I am confident that while there is a war going on, I am not an astrologer and cannot predict how long it will last, but my own sense is that the people of India understand that this is a challenge that we need to overcome," the Minister of Commerce and Industry said.
"My own sense is that there will be a certain shortfall in economic activity in the short term, but we will make up for that in the months to come. (But) We will continue to be the fastest-growing large economy in the world for at least two more decades," Goyal said.
Acknowledging that the country is facing "stress" on the rupee, he said that there is no reason for anyone to panic as the rupee is expected to recover in a more gradual manner, possibly once the war is over.
"We have certainly seen that investments in any period of time, when there is a conflict or a war, usually look for a safe haven. We have seen a lot of money flow into gold, for instance, and the import of gold and silver has increased."
Stating that his Ministry is in dialogue with all the stakeholders, he said, "We have been engaging with all the export promotion councils on a daily basis. We have a 24-hour helpline ready to resolve any issues," he said.
The Ministry of Commerce has also worked out certain schemes that will help create an insurance cover should any export cargo be damaged or lost or even excessively delayed due to the Red Sea problem, the Strait of Hormuz problem, or shipping line difficulties, he said.
"We are conducting inter-ministerial consultations. Next week, we will be coming out with a more concrete action agenda to support exporters," the Minister said.