India warned Tuesday that war in the Middle East threatens the safety of its 10 million citizens in the region and could seriously disrupt the country’s economy.
India, the world’s most populous nation and fastest growing major economy, relies heavily on oil imports.
New Delhi’s foreign ministry said it was monitoring developments with “great anxiety”, saying the safety of its 10 million citizens in the region was an “utmost priority”.
“We cannot be impervious to any development that negatively affects them,” ministry spokesman Randhir Jaiswal said in a statement.
“Our trade and energy supply chains also traverse this geography. Any major disruption has serious consequences for the Indian economy.”
World oil prices soared more than eight percent and European natural gas prices rocketed for a second day running as the war disrupted Middle East exports.
“For India, the risks are significant,” Prashant Vasisht from Indian ratings agency ICRA said in briefing note, saying about 50 percent of India’s crude oil imports, and 54 percent of liquefied natural gas (LNG) imports, came through the Strait of Hormuz in 2025.
“While Indian refiners may be able to source crude oil from alternate locations such as the United States, Africa and South America, elevated energy prices could result in a higher import bill,” Vasisht said.
But Hardeep Singh Puri, India’s petroleum minister, sought to ease concerns.
“India has sufficient energy reserves to deal with the ongoing situation,” he said in a statement.
Indian airlines earlier on Tuesday said they were resuming limited commercial services to the troubled region in a bid to collect thousands of stranded passengers.
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