Bioenergy and green hydrogen will be the Centre's top priorities, said Shaktikanta Das, the principal secretary to the Prime Minister of India and former RBI governor, while speaking at an event on Monday. His comments come in the backdrop of the West Asia crisis, that has strained the supplies of crude oil globally.
According to Das, the supply disruptions resulting from escalating tensions between the US and Iran will continue to impose high costs.
Das' comments comes a day after Prime Minister Narendra Modi appealled to the citizens to undertake a list of measures to help India in weathering the after effects of ongoing Middle East tensions. This included adhering to work-from-home conditions as much as possible, refraining from purchasing gold and engaging in travel to foreign countries for a year, among others. He also requested them to reduce the use of cooking oil, foreign products and chemical fertilisers.
According to Das, India's position remains stable despite the headwinds. The resilience is anchored in macro-economic stability. He further stated that the fiscal position of government and the banking system is stable.
The RBI ex-governor believes that companies' balance sheets are better placed to support investments. He also clarified that there is no reform complacency in the government.
ALSO READ: Modi Urges Citizens To Curb Petrol Use Over Middle East Conflict; Calls For Covid-Era Measures
Notably, PM Modi's prudent usage appeal seems to be aimed at preserving the country's foreign exchange and fuel reserves.
Rajnath Singh, India's Defence Minister also requested citizens to avoid panicking. He stated that the Centre was taking "concrete steps" to mitigate the impact from these developments.
The Defence Minister chaired the fifth meeting of the Informal Empowered Group of Ministers on Monday. The agenda included "reviewing the existing risks to energy supply chains and domestic availability of essential commodities in the wake of the conflict in West Asia," as per an official social media post.
Singh described the PM's appeal as a "collective participation of the people to help the country face global disruptions and challenges" and stated that it will be a "significant step towards self-reliance and ensuring energy security."
ALSO READ: 'Avoid Panic, Govt Taking Concrete Steps': Rajnath Singh Day After PM Modi's Appeal
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