The minister asserted that macroeconomic fundamentals were strong and govt had invested in building domestic capability. “India’s economy today stands at a position of strength. We are able to look after even unforeseen circumstances. Since Covid, India’s macroeconomic performance has remained relatively strong and stable. Despite newer problems coming up every year, we have managed the economy so that there are no severe shocks… we are able to maintain balance within our economy and now West Asia crisis has also come up with new challenges,” she said.
FM said that 90% of India’s import of cooking gas was routed Strait of Hormuz, where movement of ships is restricted. “There are enough reports on how we are ensuring a steady flow during these turbulent times.” Sitharaman said domestic production of cooking gas had been stepped up and that was supporting flows.“To ensure that households do not suffer, not only steady streams of shipping lines coming in, but domestically we have also ramped up the capacity for production of LPG, diverting from other hydrocarbon material to LPG production. As a result, domestic supplies will be adequately streamlined, and supplies will remain steady,” she said, seeking to comfort consumers.FM said PM Narendra Modi’s emphasis on self-reliance and increasing production to meet the country’s basic demands has helped India. “Steady policy backed up approach by govt of India has resulted in us being able to suddenly improve on something so that any situation, in which any additional support can happen. It is a result of a decade-long energy transition strategy launched by PM in 2014.”
