Amid fresh hostilities in West Asia, a Cabinet Committee on Security (CCS) meeting chaired by Prime Minister Narendra Modi asked all concerned ministries to work in close coordination to avoid all possible implications for India.
According to an official, the meeting took stock of all implications of hostilities, particularly concerning trade, oil supply, and maritime routes.
“Prime Minister Narendra Modi chaired a meeting of the Cabinet Committee on Security and discussed the worsening crisis in West Asia and its implications for India,” the official privy to the meeting told ETV Bharat.
The CCS comprises top ministers including Defence, Home Affairs, Finance, and External Affairs. The National Security Adviser (NSA), the Cabinet Secretary and the Defence Secretary have also attended the CCS meeting held on Thursday.
The meeting also highlighted the importance of the Multi-Agency Maritime Security Group (MAMSG). It is worth mentioning that MAMSG is an apex body for the management of maritime affairs.
Discussions on Israel-Iran tension:
The meeting discussed the escalating tensions between Israel and Iran, particularly on the implications for international and local trade. Supply chain disruption was the point of concern for India especially on oil and petroleum products.
According to the official, India expressed concern over the situation saying there must not be an expansion of the conflict to the region. India expressed its voice to resolve the crisis through diplomatic means.
“The conflict may widen risks for maritime trade routes, which are crucial to India’s economy. We are closely keeping up with the development as the situation has already put a threat into the crucial routes for the country’s oil and cargo shipments on the Red Sea and the Gulf of Aden,” another senior official said.
There have already been attacks on vessels, which raises the possibility of freight tariff hikes.
Impact on India’s petroleum exports:
The latest data revealed that the crisis in the Red Sea severely affected India’s petroleum exports, dropping over 37 percent in August this year.
“India’s trade with Gulf countries, especially in the maritime routes, is very much critical,” the official said.
Before the current conflict escalates between Israel and Iran, according to the Information Fusion Centre-Indian Ocean Region (IFC-IOR), 307 maritime security and safety incidents were reported in 2023.
The IFC-IOR, collaborates and cooperates with partners towards enhancing maritime safety and security in the Indian Ocean Region.