India, March 3 -- As tensions escalated in the Middle East following US-Israel strikes on Iran and Tehran's subsequent retaliation, India on Tuesday said that any significant disruption in the Gulf region carries risks for nearly one crore Indians and could have serious consequences for the country's economy.

In a detailed statement, the Ministry of External Affairs (MEA) said India had expressed deep concern at the commencement of the conflict in Iran and the Gulf region on February 28, when the strikes were first reported.

"Even at that time, India had urged all sides to exercise restraint, avoid escalation and prioritize the safety of civilians. Unfortunately, in the holy month of Ramadan, the situation in the region has deteriorated...