Prime Minister Narendra Modi on Tuesday said the West Asia conflict has “shaken” the global economy, and the world will take a “long time” to recover from its impact. Addressing the Rajya Sabha, the PM warned that if the US-Israel-Iran war continues for an extended period, it could lead to severe consequences.
"The current crisis has shaken the entire global economy. The world will take a lot of time to recover from the loss in West Asia. To ensure that there is minimal impact on India, continuous efforts are being made. The fundamentals of our economy are strong. The government is keeping an eye on the frequently changing situation," the prime minister said.
PM Modi addressed the Upper House a day after speaking in the Lok Sabha on the West Asia crisis.
PM Modi's Rajya Sabha speech on West Asia conflict: Key takeaways PM Modi emphasised the need for a collective effort to promote peace and dialogue worldwide, as the ongoing conflict in West Asia impacts trade, energy supplies, and the safety of millions of Indians living in the Gulf. PM Modi stated that since the conflict began, he has engaged in several phone conversations with regional leaders and reaffirmed India’s ongoing diplomatic engagement with all Gulf nations, as well as with Iran, Israel, and the United States. 3. “Irrespective of crisis, maintaining high economic growth is our responsibility,” PM Modi said.
4. The prime minister stated that ensuring the safety of Indian nationals amid the West Asia conflict remains a top priority, highlighting that more than 3,75,000 Indians have been brought back safely so far, including over 1,000 from Iran. He also appealed to all parties to work towards a peaceful resolution.
5. The PM also warned that the effects of the West Asia war could be long‑lasting, adding that the government is staying vigilant and taking necessary measures.
6. In the Rajya Sabha, PM Modi cautioned wrongdoers against exploiting the ongoing crisis and urged state governments to curb black marketing and hoarding.
7. He stressed that the government is taking all necessary measures to ensure sufficient fertiliser supplies for the upcoming sowing season and reassured farmers that the government stands firmly with them in every situation.
8. PM Modi said that “there is no other option for India but to become self-reliant", noting that the country wants peace in West Asia through “dialogue and diplomacy”.
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9. He announced that the government has launched a ₹70,000-crore initiative to build ships. He also highlighted that over the past 11 years, up to 53 lakh metric tonnes of strategic oil reserves have been established, with work underway to add another 65 lakh metric tonnes of capacity.
10. He stated that India is working to secure gas and crude oil from all available sources, and these efforts will continue in the coming days. The prime minister emphasised that the government’s priority is de-escalation and ensuring the reopening of the Strait of Hormuz.
US-Iran conflict enters fourth week The conflict in West Asia has now entered its fourth week, with trade through the Strait of Hormuz facing serious disruption. Tensions surged after Iran’s 86-year-old Supreme Leader, Ayatollah Ali Khamenei, was killed in coordinated US-Israeli strikes on 28 February.
In response, Iran launched attacks on Israeli and American targets in several Gulf nations, deepening the disruption in the strategic waterway and sending shockwaves through global energy markets and the wider economy.
Meanwhile, Arab News, citing Israeli outlet Yedioth Ahronoth, reported on Tuesday that Iran’s Supreme Leader, Mojtaba Khamenei, was open to negotiations with the United States.
According to the report, Yedioth Ahronoth referred to a conversation between Iranian Foreign Minister Abbas Araghchi and US intermediary Steve Witkoff, a move that was said to have been cleared at the highest levels of the Iranian leadership.