India is ramping up oil and gas purchases from alternative sources amid the disruption from the Persian Gulf region and keeping a close watch on ship movements in the Strait of Hormuz, Prime Minister Narendra Modi told Parliament on Monday.
"We are trying to source supplies from wherever we can. We are keeping a close eye on shipping movements in the Gulf. Our efforts have brought some ships to India that were stuck near the Strait of Hormuz," Modi said in Lok Sabha.
The three-week-old Iran war has virtually blocked passage of oil and gas tankers from the narrow waterway. Tehran has threatened to mine the strait if the United States attacks the country's power infrastructure.
Modi said the government has taken steps to ensure limited disruption in petrol, diesel and LPG supplies to the public. The country has 53 lakh metric tonnes of strategic crude reserves. Power plants have enough coal stocks to meet summer power demand, the PM said.
"India has condemned attacks on civilians, energy, and transport infrastructure. Attacks on commercial vessels and the blockage of international waterways like the Strait of Hormuz are unacceptable. India is continuously making efforts through diplomacy to ensure the safe passage of Indian ships, even in this war-like environment," Modi told lawmakers.
The PM highlighted his government's focus on ethanol production and blending in motor fuel over the last 10 years and rapid railway electrification have reduced fuel demand. Power generation through renewable sources like solar and wind have also shielded India against oil shocks.
"India has taken steps to improve energy security over the last 10 years. The government is working on a short, medium and long term strategy to ensure minimal impact of global economic shocks," he said.
"India's economic fundamentals have been strong. We are providing sector-specific support. I am confident that industry-government collaboration will help us face the crisis," Modi said.
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