The 5th Informal Group of Ministers (IGoM) on West Asia was chaired by Raksha Mantri Shri Rajnath Singh on May 11, 2026 at Kartavya Bhawan‑2, New Delhi. The meeting reviewed the impact of the West Asia conflict on India’s energy and essential‑commodity supply chains and outlined measures to safeguard economic stability.
Key Developments
- India has 60 days of crude oil, 60 days of natural gas and 45 days of LPG rolling stock, indicating no immediate shortage.
- Foreign exchange reserves stand at a comfortable $703 billion, providing a buffer against price volatility.
- Fuel‑price absorption by oil marketing companies amounts to roughly Rs 1,000 crore per day, with cumulative under‑recoveries of Rs 2 lakh crore in Q1 2026.
- Fertiliser stocks as on 11‑05‑2026 total 199.65 Lakh tons, more than 51% of the projected Kharif requirement.
- The Union Cabinet approved the Emergency Credit Line Guarantee Scheme 5.0 with a target of Rs 2,55,000 crore.
- Force‑majeure provisions were extended, treating the West Asia crisis as a war situation, allowing contract deadlines to be pushed by 2‑4 months.
Important Facts
India remains the world’s third‑largest oil refiner and fourth‑largest exporter of petroleum products, supplying over 150 countries. Despite high international crude prices, domestic fuel prices have been kept stable, unlike many nations where prices rose by 30‑70%.
Fertiliser production after the crisis (01‑03‑2026 to 10‑05‑2026) shows a decline in total output to 76.78 Lakh tons from 92.01 Lakh tons the previous year, but sales remain robust at 71.19 Lakh tons.
Exam Relevance
The discussion highlights several concepts vital for the UPSC syllabus:
- Strategic petroleum reserves and their adequacy in crisis management.
- Foreign exchange reserves as a macro‑economic stabiliser.