All India Association of Industries urges calm over West Asia row
Expressing grave concern over the escalating geopolitical developments in the Middle East, the Indian trade and industry fraternity on Wednesday called for immediate de-escalation to safeguard global trade and energy security.
The industry body emphasised that the region remains a vital hub for international commerce, hosting maritime corridors essential for the movement of nearly one-fifth of the world’s daily oil supply.
Speaking on the volatility, Vijay Kalantri, President of the All-India Association of Industries (AIAI) and Chairman of World Trade Centre Mumbai, noted that the global business community is closely monitoring the situation. “Stability in this region is vital to ensure the uninterrupted movement of goods and energy resources. Any disruption in shipping routes, particularly the Strait of Hormuz, will have direct implications for global energy markets and supply chain stability,” Kalantri cautioned.
Despite the global jitters, Kalantri offered a reassuring outlook for the domestic market, categorising the current fluctuations in equities, gold, and crude as “panic reactions” rather than shifts in economic fundamentals. He asserted that India’s diplomatic neutrality and diversified sourcing strategy provide a significant safety net.
“India is in a position of relative resilience. With strategic petroleum reserves covering 40 to 45 days of requirements and crude sourced from over 40 countries, our supply flexibility is stronger than ever,” he stated, urging the business community to avoid decisions driven by short-term fear.
The AIAI President also highlighted the humanitarian aspect, noting that nearly nine million Indians reside in the Gulf and Middle Eastern nations. He reiterated that the safety of this diaspora remains a primary concern for the industry, given their contribution to regional economic cooperation.
The trade body concluded by calling upon the international community to prioritise diplomatic engagement, ensuring the Middle East remains a gateway for commerce rather than a source of global economic uncertainty.
