Union Minister Piyush Goyal said India is well placed to deal with crude oil and fuel supply risks as the West Asia crisis disrupts gas shipments and shipping routes. He said the government has ramped up kerosene production to provide an alternative cooking medium for the common man and has diversified imports to cover liquefied petroleum gas (LPG) and liquefied natural gas (LNG) requirements. The remarks were made at the CNBC-TV India Business Leaders Awards 2026.

He said authorities have maintained good stocks and there has been no disturbance on the crude or fuel front, including petrol, diesel and aviation fuel. He noted that shipping times for gas were barely three or four days previously and that diversification is under way to sources further from India such as Canada, the US and possibly Russia. Those measures are intended to reduce supply risks and strengthen supply chains.

He characterised the geopolitical situation as a wake-up call and said India has historically converted challenges into opportunities, reflecting resilience and strong economic fundamentals. He expected a certain shortfall in economic activity in the short run but said the shortfall will be made up in the months to come. He predicted India will remain the fastest-growing large economy in the world for at least two more decades.

He acknowledged stress on the rupee but said there is no reason for panic as the currency is expected to recover more gradually, possibly once the war ends. He said his ministry is engaging stakeholders and export promotion councils daily and has a 24-hour helpline to resolve issues. He added that inter-ministerial consultation is under way and the commerce ministry has worked out schemes to provide insurance cover for export cargo damaged, lost or inordinately delayed because of problems in the Red Sea, the Strait of Hormuz or shipping line difficulties.