Intro
The ongoing tensions between the US and Iran are likely to continue affecting global economies through disruptions in energy supply and rising costs
Mumbai
Former Reserve Bank of India governor Shaktikanta Das on Monday said bioenergy and green hydrogen will remain key priorities for India as the country works to strengthen energy security and economic resilience amid escalating geopolitical tensions in West Asia.
Addressing industry leaders at the summit, he highlighted the government’s continued focus on macroeconomic stability and long-term reforms. He stated that India’s fiscal position remains strong and that the country’s banking system is stable even as major economies around the world face increasing pressure from geopolitical conflicts and supply chain disruptions.
Das said corporate balance sheets in India are now in a significantly healthier position, enabling businesses to support fresh investments and expansion plans. He also assured investors and industry representatives that the government remains fully committed to carrying forward economic reforms without complacency.
However, he warned that the ongoing tensions between the United States and Iran are likely to continue affecting global economies through disruptions in energy supply and rising costs. According to Das, the instability in West Asia could have long-term implications for fuel prices, trade flows, and economic growth worldwide.
His remarks came shortly after Narendra Modi appealed to citizens to adopt measures aimed at reducing economic pressure on the country during the current international crisis. The Prime Minister urged people to work from home wherever possible, avoid unnecessary foreign travel for a year, and limit non-essential purchases of gold.
Modi also encouraged citizens to reduce the consumption of cooking oil, foreign-made goods, and chemical fertilisers. The measures are being viewed as part of a broader national effort to conserve foreign exchange reserves and lower dependence on imported fuel and commodities at a time of volatility in global energy markets.
Meanwhile, Rajnath Singh sought to reassure the public, urging citizens not to panic over the international situation. He said the government is taking concrete steps to minimise the economic and strategic impact of the evolving geopolitical developments.
Singh chaired the fifth meeting of the Informal Empowered Group of Ministers on Monday to review potential risks to energy supply chains and assess the domestic availability of essential commodities in light of the ongoing conflict in West Asia.
Experts believe India’s push towards renewable energy sources such as bioenergy and green hydrogen could help reduce long-term dependence on imported fossil fuels and improve the country’s energy security.
