Mumbai, May 12 -- Industry watchers argue the two recent statements urging citizens to save fuel, restrict non-essential imports, and promote local consumption should be seen in the backdrop of India's energy security and economic robustness at a time when uncertainty looms over more western regions facing prolonged uncertainty due to ongoing geopolitical risk currently taking place in West Asia.
The world economy was already under strain due to costs when the Ukraine conflict sent crude oil, gas, fertilisers, edible oil, metals, shipping, and food commodity prices skyrocketing. The effects of the ongoing Iran conflict and persisting disruptions in the Strait of Hormuz are worsening these pressures further, constraining global supplies and...