PM Modi points to Middle East conflicts and Russia-Ukraine war as major risks to global economy and energy security

New Delhi: Prime Minister Narendra Modi on Friday made an indirect reference to the growing conflicts in the Middle East and the ongoing war between Russia and Ukraine, saying the two regions were crucial to the global economy and energy security.

His comments come amid fears of a further escalation of the Middle East conflict if Israel were to retaliate and attack Iran, potentially its nuclear and oil facilities. Analysts fear it could fuel a surge in energy prices and drag the region into wider conflict.

Speaking at the 3rd edition of the Kautilya Economic Conclave here, Modi pledged on the domestic front to pursue structural reforms to help India become a developed nation by 2047.

“This conclave takes place at a time when the two major regions of the world are close to war situations. These two major regions are crucial for the global economy as well as for energy security,” he declared without naming any country.

India relies more than 85 percent on imported crude oil, which is processed into fuels like gasoline and diesel, and about half of its gas needs. The bulk of them come from the Middle East, and in the event of a prolonged conflict between Israel and Iran, supplies could be affected.

“Amidst these great global uncertainties, we are all here witnessing the Indian era, we are discussing India. This shows confidence in India… Be it science, technology or of innovation, India is clearly in an ideal situation Reform, achieve and transform our motto, we are taking the decision to take India forward,” Modi said.

He said that India is the fastest growing major economy today and in terms of GDP, India is the fifth largest economy.

The NDA government, in its third term, adopted “bold policy changes” and measures to boost employment and skills, and focus on sustainable growth and innovation to help India continue to grow. progress on the path to high growth.

In the first three months of the government, it took decisions on projects involving an investment of Rs 15 lakh crore, he said.

“Today, the Indian economy is going through a period of very significant transformation. Thanks to strong economic fundamentals, the Indian economy is on the path of high and sustained growth. Today, India is not preparing not just to reach the top, but to stay at the top. Every sector offers immense opportunities,” Modi noted.

He said world leaders and financial experts are optimistic about India's growth. Investors feel that it is the right time to invest in India.

“This is not a coincidence. Rather, it is a result of the reforms implemented in India over the last decade,” Modi said.

The Prime Minister said 111 companies have registered on the portal for the PM Internship programme. This system, announced in the budget, aims to help young people obtain internships in companies.

India is building semiconductor factories, and soon “Made in India” chips will be available to the world, he said.

To boost the manufacturing sector, India introduced a production-linked incentive (PLI) scheme, which attracted investments worth Rs 1.25 lakh crore.

“Inclusive spirit” is another notable factor in India's growth, Modi said, adding that with growth comes inclusion.

As a result, he added that 25 million people have been lifted out of poverty over the past 10 years.

Listing out the achievements of his government, Modi said the government had strengthened the banking system, implemented GST, introduced the Insolvency and Bankruptcy Code, opened the mining and defense sectors to private investment, liberalized more FDI and reduces the compliance burden.

(This report was published as part of the union's auto-generated thread. Other than the title, no changes were made to the copy by ABP Live.)