Narendra Modi recently addressed the nation and said that the ongoing war in West Asia does put pressure on Indiaβs energy security, but there is no need to panic. In particular, the closure of the Strait of Hormuz could affect Indiaβs LPG supply, as almost 90% of the gas comes through this route.
The Prime Minister made it clear that the situation was serious but India’s preparations were strong. He said the country is no longer dependent on just one or two countries, but is importing oil and gas from 41 countries with the help of Diversified Energy Sources. The move has significantly strengthened India’s energy security.
The three-week-old conflict between Iran, Israel and the United States has stirred oil markets around the world. But Modi assured that India also has Strategic Oil Reserves, which hold about 5.3 million metric tonnes of oil. It can defend the country in an emergency.
He added that India is now working on alternative energy as well. Referring to Ethanol Blending Success, 20% ethanol blending is saving 45 million barrels of oil per year. It not only reduces foreign dependency, but is also good for the environment.
The Prime Minister also stressed that the country’s power plants have full stocks of coal so that there will be no disruption in power supply. Also, the government is monitoring the situation on a daily basis to ensure that gas and petrol supply to households is not affected.
Most importantly, the Indian government has so far secured the safe return of more than 3.75 lakh Indians stranded in war-affected areas. The effort is being seen as Safe Indian Evacuation.
Finally, Narendra Modi appealed to the countrymen to remain united in times of crisis. “India is strong and can face every challenge. It is only necessary to cooperate with the people,” he said.
Overall, India is not only fighting the crisis today, but is also preparing itself for the future β which is reorienting the countryβs energy security.
