3 months ago
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Former Deputy National Security Adviser Pankaj Saran connected Wednesday (March 11, 2026) warned that rising volatility successful planetary lipid prices amid tensions linked to the Iran-U.S.-Israel struggle could person important economical implications for India if the concern persists.
Also read: West Asia warfare updates connected March 11, 2026
Speaking connected the sidelines of the Synergia Conclave 2026 successful New Delhi, Mr. Saran said lipid prices person been “shooting up and down” and the coming days volition beryllium important to measure the trend. However, helium stressed that the larger interest lies successful the medium- and semipermanent impact.
According to him, immoderate sustained summation successful crude prices could impact India’s existent relationship shortage and equilibrium of payments, arsenic astir 90% of the country’s vigor imports are paid for successful U.S. dollars. Higher lipid prices, helium noted, would besides person downstream effects connected ostentation and economical growth.
Economic consequences
“If the spike lasts lone a fewer days oregon weeks, the interaction whitethorn beryllium manageable. But if it continues for longer, it volition surely person economical consequences,” helium said, pointing retired that smaller energy-importing economies specified arsenic Pakistan, Bangladesh, and Sri Lanka are already feeling the strain.
Mr. Saran said that India is comparatively amended positioned to sorb short-term shocks owed to its strategical petroleum reserves but emphasised the value of diversifying sources of lipid imports beyond the Gulf. He added that India volition request to support unchangeable vigor supplies by moving with large producers specified arsenic Russia, the United States, and Gulf countries, portion besides competing with large importers similar China during periods of choky supply.
He besides stressed the request to trim tensions successful the region, noting that the ongoing subject run involving the United States and Iran has created a highly volatile environment. Maintaining diplomatic connection channels, helium said, volition beryllium important to guarantee that the struggle does not escalate further.
Uncertain planetary order
The remarks came arsenic the 10th variation of the Synergia Conclave 2026 opened successful New Delhi, bringing unneurotic much than 200 policymakers, defence leaders, diplomats, quality officials, and exertion experts for 3 days of discussions connected geopolitics, security, and emerging technologies.
Organised by the Synergia Foundation, the conclave has emerged implicit the past decennary arsenic a salient level for dialog astatine the intersection of security, technology, and planetary strategical affairs.
During the discussions, erstwhile Research and Analysis Wing manager A.B. Mathur highlighted the heavy uncertainty successful the planetary bid marked by aggregate conflicts, shifting alliances, and accelerated technological change. Former Maldives president Mohamed Nasheed besides emphasised the request for economical resilience successful smaller states, informing that precocious indebtedness burdens tin propulsion susceptible economies to question fiscal enactment from aggregate geopolitical partners.
The time concluded with the Futurecraft Forum, featuring a dialog betwixt Synergia Advisory Board president M.K. Narayanan and erstwhile Singapore Foreign Minister George Yeo connected evolving geopolitical dynamics and determination cooperation.
