PM Modi to chair NITI Aayog's Governing Council meet on Sunday
New Delhi, June 15: Prime Minister Narendra Modi will on Sunday chair the fourth meeting of the Governing Council of NITI Aayog at Rashtrapati Bhavan here, an offficial statement said on Friday.
During the meeting, the Council will discuss important subjects including measures taken to double farmers' income, progress of flagship schemes like Ayushman Bharat, National Nutrition Mission and Mission Indradhanush.
It will also discuss measures taken for development of aspirational districts and the celebration of 150th birth anniversary of Mahatma Gandhi, an official statement said.
The day-long meeting will be attended by Union Ministers, Chief Ministers, Lt Governors of union territories and senior government officials.
The Governing Council of NITI Aayog is the premier body tasked with evolving a shared vision of national development priorities, sectors and strategies with the active involvement of states in shaping the development narrative.
The Council reviews the work done during the previous year and deliberates upon the future developmental priorities.
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Middle East crisis: Oil prices cross $83 per barrel as Strait of Hormuz disruption hits supply
New Delhi: Global crude oil prices rose sharply on Thursday, crossing $83 per barrel, following Iran’s move to shut down the Strait of Hormuz amid escalating tensions in the Middle East.
Oil prices have increased by more than 2 per cent due to concerns over supply disruptions in the region, which is a key route for global energy shipments.
A sustained rise in crude prices could significantly affect India’s import bill. Government estimates indicate that an increase of $1 per barrel in crude oil prices for a full year could raise India’s import bill by around Rs 16,000 crore.
However, government sources said India remains in a relatively comfortable position in the short term. The country currently has crude oil reserves sufficient for about 25 days, along with an additional 25 days’ supply of petroleum products, including shipments already in transit to Indian ports.
India imports nearly 85 per cent of its crude oil requirements from the Middle East, with much of the supply traditionally passing through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Officials said India has strengthened its energy security in recent years by diversifying its sources of crude oil imports. Supplies have increasingly been sourced from countries such as Russia, African nations and the United States, reducing dependence on Gulf routes.
As a result, a portion of India’s oil imports now bypasses the Strait of Hormuz.
India spent about $137 billion on crude oil imports in the financial year ending March 31, 2025. In the current financial year, from April 2025 to January 2026, the country spent approximately $100.4 billion to import 206.3 million tonnes of crude oil.
