PM Modi holds high-level meeting with Cabinet Ministers in Parliament office
New Delhi, July 30
Prime Minister Narendra Modi chaired a high-level meeting of his Cabinet ministers, including Home Minister Amit Shah, Defence Minister Rajnath Singh, External Affairs Minister S. Jaishankar, and Finance Minister Nirmala Sitharaman, at his office in Parliament on Thursday.
The meeting was also attended by National Security Advisor Ajit Doval.
Other ministers at the meeting included Petroleum Minister Hardeep Singh Puri, Health Minister J.P. Nadda, Commerce Minister Piyush Goyal, and Ports and Shipping Minister Sarbananda Sonowal.
According to sources, the meeting was held to review the situation in West Asia and its impact on India's energy and fuel supplies. The Strait of Hormuz, through which 20 per cent of the world's oil and gas is exported, continues to remain choked, which has led to a shortfall of petroleum products in global markets and a spike in prices.
The situation has become more complicated with commercial ships coming under attack in the region. The deaths of Indian seafarers have also emerged as a major concern, with the government taking up the issue with Iran and the USA.
The government informed the Parliament this week that it has undertaken a range of measures to ensure availability of critical industrial inputs including energy, ease input cost pressures, facilitate trade, support industrial activity and safeguard macroeconomic stability in the wake of supply chain disruptions due to the West Asia crisis.
The government has also ensured adequate availability of fertilisers and other essential agricultural inputs through assured gas supplies, diversification of import sources, advance procurement, and maintenance of buffer stocks.
The recent geopolitical developments in West Asia have adversely affected countries globally, with major implications for crude-oil-importing emerging economies. The conflict has led to an increase in international crude oil prices, which has widened the crude oil import bill for India.
However, the average Indian crude oil basket prices have eased significantly from $114.5 per barrel in April 2026 to $77.6 per barrel in July 2026 (up to 22nd July).
The government further stated that temporary customs duty exemption was provided on selected petrochemical feedstock. Further, the Bharat Maritime Insurance Pool RELIEF (Resilience & Logistics Intervention for Export Facilitation) Scheme was introduced to support businesses. RoDTEP (Remission of Duties and Taxes on Exported Products) benefits were restored to mitigate higher freight, insurance and war-risk costs. Besides, liquidity support was also extended through the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0.
— IANS
Reader Comments
The fall in crude prices from $114.5 to $77.6 is a relief, but the real question is whether this will actually translate to lower petrol and diesel prices for common people. In my experience, global price drops don't always reach the pump in time.
Interesting to see the broad range of measures - from customs duty exemptions to maritime insurance schemes. The government seems to be covering all bases. But I'm curious about the long-term strategy for energy security beyond just managing the current crisis.
The fact that this meeting happened in Parliament shows the seriousness of the situation. Trade routes being disrupted and Indian seafarers dying - this is not just an economic issue but a humanitarian one. Hope our diplomatic efforts with Iran and USA yield results.
A small but important detail: the government ensured fertiliser availability through gas supplies and buffer stocks. Our farmers are already struggling with weather extremes, so keeping input costs stable is crucial. But why no mention of MSP or direct support?
The ECLGS 5.0 for liquidity support is good for businesses, but what about the common man's fuel bill? Petrol crossed ₹100 in many cities last year, and even with crude prices dropping, we're still paying more. The government needs to ensure these benefits reach the bottom of the pyramid.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.