Politics
PM Modi says conflict-affected regions important for energy security
Prime Minister Narendra Modi speaks at the Kautilya Economic Conclave in New Delhi on October 4, 2024. Photo: PMO via PTI
On Friday, October 4, 2024, Prime Minister Narendra Modi made indirect references to the worsening conflict in the Middle East and the war between Russia and Ukraine, saying the two regions were crucial to the global economy and energy security.
His comments come amid fears of further escalation in the Middle East 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 in New Delhi, Modi domestically pledged to pursue structural reforms to help India become a developed nation by 2047.
“This conclave is happening when two major regions of the world are close to war situations. These two major regions are crucial for the global economy as well as energy security,” he said without naming any country.
Import dependent
More than 85% of India's crude oil is imported, along with about half of its gas needs. Much of that comes from the Middle East, and if Israel and Iran enter into a protracted conflict, supplies could be affected.
“Amidst these great global uncertainties, we are all witnessing the Indian era; we are talking about India. This shows confidence in India… Whether it is science, technology or “Innovation, India is clearly in an ideal situation. Reform, perform and transform is the motto we are moving 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, made “bold policy changes” and took steps to boost employment and skills and focus on sustainable growth and innovation to help India stay on track. the path to high growth.
Huge transformation
“Today, the Indian economy is transforming. The Indian economy is on the path of high and sustained growth. Today, India is preparing not only to reach the top, but also to stay there. 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 `1.25 lakh crore.
He added that 25 million people have been lifted out of poverty over the past 10 years.
Modi said the government had strengthened the banking system, rolled out GST, introduced the Insolvency and Bankruptcy Code, opened the mining and defense sectors to private investment, further liberalized FDI and reduced the burden of compliance.
Published – October 4, 2024 at 11:52 p.m. IST
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