New Delhi, March 24 – Prime Minister Narendra Modi on Tuesday emphasized the government's plans and measures to protect citizens from global oil price shocks, while highlighting the Centre's efforts to maintain the integrity and functionality of global energy supply routes.
He informed the Upper House that a comprehensive campaign was underway to build "Made in India" ships to reduce the country's dependence on foreign players in a rapidly changing global environment.
Briefing the Rajya Sabha on the West Asia crisis, PM Modi strongly advocated for self-reliance in every sector, including global fuel transportation and maritime corridors.
"Self-reliance is the only solution to protect the country and its people from global shocks. Currently, about 90 per cent of Indian trade is carried out on foreign ships, making us dependent on foreign players," he said.
Stating that such dependence only exacerbates the situation in the face of any global conflict or war, the Prime Minister said that the government is on track to build "Made in India" ships at a staggering cost of Rs 70,000 crore.
He said that the government has launched a major initiative to make India self-sufficient in maritime businesses, asserting that India will soon become a key player in shipbuilding, shipbreaking, maintenance, and overhaul.
The Prime Minister reiterated the government's commitment to achieving self-reliance in other sectors, including defense, explaining how a major share of India's weaponry is now being produced domestically.
PM Modi said that the country's economic fundamentals are strong, the government is vigilant and proactive, and contingency measures are being planned based on short-term, mid-term, and long-term impacts.
He further said that, similar to the Covid-19 pandemic, the government has formed several inter-ministerial panels to address the fuel crisis arising from the West Asia conflict.
PM Modi said that the war in West Asia has created a serious global energy crisis and has disrupted routine supplies, particularly through the Strait of Hormuz, a key route for crude oil, gas, and fertilizers.
He further said that India is trying to ensure the safe movement of ships carrying essential supplies despite the conflict situation.