New Delhi, March 28 Rajya Sabha MP Kapil Sibal on Saturday claimed that India stands to suffer the most from the ongoing US-Israel and Iran conflict, and accused the Narendra Modi government of lacking a "nation first" approach as well as being fixated on only winning elections.
Sibal said Prime Minister Narendra Modi remembers "Team India" when there is a crisis, but does not think about it in Parliament or at other times.
"This morning I asked myself the question as to who has suffered the most and is likely to suffer the most due to the US-Israel and Iran conflict. I came to the conclusion that it is India," Sibal said at a press conference here.
He said if one looks at the big countries, Russia has enormous reserves, while only 20 per cent of China's import requirements come through the Strait of Hormuz.
"As far as India is concerned, it imports about 88.6 per cent of crude oil. China also has large imports, but they get them from other sources... 50 lakh barrels of crude oil are imported by India, and about 30 lakh come from the Middle East, which is now at USD 160 per barrel, about 60 per cent more has to be paid for it," Sibal said.
"We are buying urea at a 50 per cent higher price. Then LNG, LPG, sulphur, and helium also come largely from there. Due to this, you are seeing the queues, and there will be a shortage of supply, hoarding, black marketing, which in turn would affect stagflation, there would be high interest rates, falling FDI in India," Sibal said.
Sibal's remarks come a day after Prime Minister Modi said the global situation arising out of the West Asia conflict remains dynamic.
Modi asserted that maintaining economic and trade stability, ensuring energy security, strengthening industry and supply chains, and safeguarding citizens' interests remain the government's top priorities.
Chairing a virtual meeting of chief ministers and lieutenant governors, Modi said the situation necessitates continuous monitoring and adaptive strategies, as he called for constant communication and coordination between the Centre and the states, along with timely sharing of information and joint decision-making, so that the responses are swift and well-aligned.
Urging the chief ministers to ensure the smooth functioning of supply chains and to take strict measures against hoarding and profiteering, Modi cautioned against the spread of misinformation and rumours, asserting that the timely dissemination of accurate and credible information is essential to prevent panic.
At the meeting, the prime minister said India has prior experience in dealing with similar global disruptions, recalling the collective response during the Covid pandemic, when the Centre and the states worked together as "Team India" to mitigate the impacts on supply chains, trade and daily life.
On March 25, the government held an all-party meeting to brief leaders on the West Asia crisis, where a detailed presentation was made about the steps taken by the government to deal with the situation.
Making a statement in the Lok Sabha on March 23, the prime minister had said that the difficult global conditions caused by the West Asia conflict are likely to persist for a long time, and called upon the nation to remain prepared and united, just as it stood together during the Covid pandemic.