Niti Aayog warns West Asia conflict could raise Indian prices
Niti Aayog has told the Prime Minister's Office that the ongoing West Asia conflict could push up prices in India, especially for essentials like fuel and other commodities.
Sectors like trade, MSMEs, agriculture, and manufacturing are at risk, with rising costs threatening to make things tougher for businesses and everyday people.
Government outlines 2 phase plan
The government is tackling this with a two-phase plan.
First up: quick relief, like collateral-free loans (ECLGS 5.0) worth ₹2.55 lakh crore for MSMEs and a $1.5 billion insurance pool to protect Indian ships in risky waters.
For the longer run, they are looking at bigger changes: boosting local manufacturing, cutting down on imports, and finding new export partners beyond traditional markets to help keep our economy steady if global shocks continue.