Prime Minister Narendra Modi, during his address in the Rajya Sabha on Tuesday, said that amid the ongoing conflict in West Asia, India has adequate reserves of crude oil and strong arrangements have been made for its continuous supply. He said that India has strengthened its energy security in the last few years and many important steps have been taken for this.
Strategic Petroleum Reserves and Refining Capacity Expansion
PM Modi said, “In the last 11 years, we have worked to increase the Strategic Petroleum Reserve from 53 lakh metric tonnes to 65 lakh metric tonnes.” Along with this, he also said that India’s refining capacity has also increased significantly during this period. We have ample storage of crude oil and arrangements for continuous supply.
Emphasis on the importance of the Strait of Hormuz
The Prime Minister also stressed the importance of the Strait of Hormuz, which is one of the major routes for global trade, especially for the transport of crude oil, gas and fertilizers. He said, “Our effort is to ensure that wherever possible, the supply of oil and gas should reach India. Our efforts in this direction will continue in the coming days also.”
Diversifying energy imports
Prime Minister Modi said that in the last ten years, India has increased its energy import sources from 27 to 41 countries. “We no longer depend on a single source, and we are also focusing on LPG and PNG in domestic gas supply.
Efforts to deal with the impact of the international crisis
Prime Minister Modi said that the ongoing conflict has affected the global economy, causing losses to many countries. He said that the government is continuously trying to minimize its impact on India. “We have made all necessary preparations to ensure availability of right fertilizer to farmers during the sowing season.
Agriculture and preparedness for farmers
Expressing concern for the farmers, the Prime Minister said that the government is taking care that the right supply of fertilizer is ensured and no crisis falls on the farmers. “I am confident that with collective efforts we will be able to face the situation in a better way.
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