Union Commerce Minister Piyush Goyal said the ongoing Iran conflict may create a short-term economic slowdown, but expressed confidence that India’s strong fundamentals will help the country recover quickly.
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Union Commerce Minister Piyush Goyal said, India remains a resilient economy and is expected to continue as the world’s fastest-growing major economy for the next two decades despite global uncertainties.
He noted that while geopolitical tensions could temporarily impact economic activity, India has historically turned challenges into opportunities.
Addressing concerns over the global energy situation, the minister said India is well prepared on crude oil and fuel supplies, with adequate stocks and no disruption in petrol, diesel, or aviation fuel availability.
India has also increased kerosene production and diversified imports of LPG and LNG to ensure energy security.
On the currency front, Piyush Goyal said the Indian rupee may face short-term pressure during the conflict but is expected to stabilise once geopolitical tensions ease.
The government is also working with export councils and offering insurance support for cargo affected by shipping disruptions in critical global trade routes.
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