New Delhi, July 30, 2026 (Yes Punjab News)
Prime Minister Narendra Modi on Thursday chaired a high-level meeting of senior Cabinet ministers and top security officials at his office in Parliament to review the evolving situation in West Asia and assess its implications for India’s energy security and fuel supplies.
The meeting was attended by Union Home Minister Amit Shah, Defence Minister Rajnath Singh, External Affairs Minister S. Jaishankar, Finance Minister Nirmala Sitharaman, and National Security Advisor Ajit Doval. Petroleum and Natural Gas Minister Hardeep Singh Puri, Health Minister J.P. Nadda, Commerce and Industry Minister Piyush Goyal, and Ports, Shipping and Waterways Minister Sarbananda Sonowal were also present.
According to sources, the discussions focused on the continuing disruption in West Asia, particularly the impact of congestion in the Strait of Hormuz, a critical global shipping route through which nearly one-fifth of the world’s oil and gas exports pass. The disruption has contributed to supply shortages in international petroleum markets and higher energy prices.
The meeting also reviewed security concerns arising from attacks on commercial vessels in the region. The deaths of Indian seafarers have emerged as a key concern, with the government taking up the matter with both Iran and the United States.
Earlier this week, the Centre informed Parliament that it has implemented a series of measures to ensure the availability of critical industrial inputs, including energy resources, while containing input costs, facilitating trade, supporting industrial activity and maintaining macroeconomic stability amid supply chain disruptions linked to the West Asia crisis.
The government also highlighted steps taken to secure fertiliser supplies and other essential agricultural inputs through assured natural gas availability, diversified import sources, advance procurement and maintenance of buffer stocks.
While acknowledging that geopolitical tensions in West Asia have increased India’s crude oil import bill, the government noted that the average price of the Indian crude oil basket has declined significantly from $114.5 per barrel in April 2026 to $77.6 per barrel as of July 22, 2026.
To cushion the impact on industry and trade, the Centre said it has granted temporary customs duty exemptions on selected petrochemical feedstock, launched the Bharat Maritime Insurance Pool RELIEF (Resilience & Logistics Intervention for Export Facilitation) Scheme, restored RoDTEP (Remission of Duties and Taxes on Exported Products) benefits to offset higher freight and insurance costs, and extended liquidity support through the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0.
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