PM Modi's message amid West Asia oil crisis

Added: 2026-05-17

[00:00:00]The Prime Minister Modi further stressed the need for using solar pumps in agriculture and promoting vocal for local by buying made in India products to strengthen the economy and boost sustainability.

[00:01:44]And NDTV Akshay Dongre joins us for more on this. Well, Akshay, Prime Minister Modi's speech yesterday urged a spate of measures, particularly in balancing India's development achievements with economic challenges he highlighted, uh calling for measures like reducing fuel consumption, limiting foreign travel, cutting chemical fertilizer use. Uh tell us the highlights.

[00:02:05]Well, all of these were the highlights, Lipakshi. In fact, uh you know, we have extensively heard uh what Prime Minister had to say. Uh he has In fact, uh the situation can be assessed or rather the uh seriousness of the situation can be assessed given the fact that Prime Minister himself had to come out uh publicly, appeal to the people to reduce everything in every aspect of our life that uh that that that is dependent on on inputs that is dependent on uh things that the country imports from around the world. Uh be it the petroleum products, you know, products that we that we buy from the exporters for which foreign currency is used.

[00:02:45]You know, fertilizers, especially in the agriculture sector, large chunk of it comes in from from from abroad and it's you know, it's absolutely Right, that not only it it adds on to our import bill, but excess use of these fertilizers just because they're subsidized and cheap, also is hollowing the the fertility of the soil across the country.

[00:03:07]That is that is one aspect of it. Edible oils, obviously including palm oil and other other sort of edible oils, many of them are imported from around the world.

[00:03:17]And that that also, you know, is is kept into a check by providing a lot of subsidies, a lot of you know, support by the government to keep the prices you know, not not getting inflated at at beyond a certain point of time. And that also can be can be certain aspect of our life that can be not only reduced, but avoided as much as we can. Not only it's going to be healthier option for the people, but it's going to be healthier for the economy as well. You know, other products including in the agriculture sector, in service sector, in manufacturing sector, many of these sectors utilize a lot of things that the country keeps on you know importing from outside, but also there will be a you know a concerted effort required to ensure that the capacity remains the same. So, that will be one area of uh work that the country will have and the industry of the country will have to put as far as uh the growing demands of several of these products are concerned.

[00:04:15]Wherever possible, the government is 100% with with the Prime Minister himself coming out and you know speaking so candidly about all of these crises.

[00:04:24]Uh there will be a impetus provided by the government itself. Right, actually in fact, Prime Minister Modi, as we know, highlighted both India's progress and the several challenges ahead we should overcome and call for collective participation to help the country and whenever he appeals to the people, people have always always responded well.

[00:04:44]Absolutely, people have responded well and that's exactly what we need even today because you know, the government has shielded people for a long time now. Be it the prices of the LPG, prices of petrol and diesel, they have still not risen across the country.

[00:05:01]However, the margin has quite significantly increased in terms of the import price that we pay at the government level.

[00:05:11]Or at the import level from in in in crude products as well as the petroleum and diesel products that we utilize every day.

[00:05:19]Government cannot shield the people indefinitely because that is going to be devastating for the economy.

[00:05:25]Yes, obviously when the prices of crude and crude oil were down, there were significant margins of profits that the companies had booked, but that was a question that is not meant forever. So, it is also going to run out eventually and then people will have to you know, if if we don't take drastic measures, Uh, will be drastic measures at the time of price increase that can be seen at this point in the near future and and these preventive measures can actually prevent that from happening.

[00:05:57]>> Absolutely. Thank you so much actually for all those details and time now for a short break. We'll be back in a while.