New Delhi, March 22 (IANS) India is taking swift and balanced steps to manage the economic impact of the ongoing Middle East conflict, with both the government and industry working together to safeguard supply chains, energy security, and overall economic stability, according to the Confederation of Indian Industry (CII) on Sunday.

CII Director General Chandrajit Banerjee said that India entered this challenging period from a position of strength.

He noted that years of economic reforms and the government’s push for self-reliance under the Atmanirbhar Bharat initiative have improved the country’s resilience to external shocks.

“The response from both the government and industry has been quick, measured, and continuous,” Banerjee said.

“The government has taken several decisive steps, including diversifying crude oil sources, maximising LPG production, supporting exports, and ensuring currency stability to cushion the impact of the crisis,” Banerjeestated.

He added that the situation highlights the need for India to accelerate its transition towards sustainable and self-reliant energy systems.

“Investments in renewable energy, green hydrogen, biofuels, and energy efficiency are not just climate goals but also critical strategies to reduce dependence on volatile global energy markets,” Banerjee stated.

At the same time, Indian industry is actively adapting to the situation by diversifying energy sources, improving supply chain efficiency, and taking steps to protect jobs.

CII also pointed out that government support measures aimed at easing operational pressures on businesses have come at the right time.

The industry body further appreciated the government’s proactive outreach to Indian nationals in the Gulf region and continuous consular support, calling it a reflection of India’s preparedness in a rapidly evolving regional scenario.

CII said it is working closely with the government and various sectors to monitor supply chain risks, address shortages, and provide real-time feedback.

While acknowledging that the situation remains challenging, Banerjee expressed confidence that a coordinated approach between the government and industry will help India navigate the crisis and maintain its economic momentum.

He concluded that while the challenges are significant, India has the capacity to respond effectively and protect its economic interests.

–IANS

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