'Interest of Indian Consumers Is Our Overriding Priority': Jaishankar on Impact of Iran War

New Delhi: External Affairs Minister S. Jaishankar on Monday addressed the Rajya Sabha on the escalating conflict in West Asia and said that the government's foremost concern amid the ongoing Iran conflict is to protect the interests of Indian consumers, especially when it comes to energy prices.

What did Jaishankar say?

While delivering a suo moto statement on the conflict in Rajya Sabha, Jaishankar said the well being and security of the Indian community in the region remains the government's priority.

Jaishankar told the House that, "Our government had issued a statement on February 20 expressing deep concern and urging all sides to exercise restraint. We continue to believe that dialogue and diplomacy should be pursued to de-escalate the tensions."

Speaking about the crisis and its possible impact on India, Jaishankar said that the government will take decisions keeping the needs of Indian citizens in mind.

"We will continue to work with the governments in the region towards the end," he said. "Our national interest, including energy security and trade goals, will always be paramount."

Jaishankar said that global tensions affecting oil supplies are being closely watched by New Delhi.

"For us, the interest of Indian consumers has and will always be in the overriding priority. Where required, Indian diplomacy has supported the endeavours of our energy enterprises in this volatile situation," he said.

Why is the Iran conflict a concern for India?

The ongoing tensions in West Asia have raised fears of disruptions in global oil supply and rising energy prices. India imports a large share of its crude oil, which makes the country sensitive to price fluctuations in international markets. 

Any sharp increase in oil prices can affect fuel costs, inflation and overall economic stability in India.

What is India’s stand on the war?

Jaishankar reiterated that India supports diplomacy and dialogue as the only way to end the conflict. He said the government is closely monitoring developments in the region and remains concerned about the safety of Indians living in the Gulf.

"The Prime Minister is closely monitoring the developments. We continue to believe that dialogue and diplomacy should be pursued to de-escalate tensions," Jaishankar said.