In response to the ongoing global energy price spike caused by the situation in the Middle East, Indian Prime Minister Narendra Modi has urged his countrymen to work from home more, reduce their gold purchases, and cut back on international travel.
The prime minister said that India’s gasoline consumption would be cut and foreign currency saved by implementing austerity measures similar to those of the COVID-19 era.
Since the US and Israel’s assault on Iran, the Strait of Hormuz, a tiny Gulf chokepoint, has been closed for over 2.5 months, causing India’s petroleum bill to soar by multi-billion dollars. The country imports 90% of its oil.
Attendees at Modi’s public engagement in Hyderabad, a city in southern India, deemed his appeal as the “most drastic” that has been made thus far.Being prepared to lay down one’s life on the border is just one aspect of patriotism. At this juncture, it’s all about doing the right thing and being accountable citizens, Modi remarked.Keeping foreign currency reserves high is of the utmost importance right now, he said.
Modi encouraged people to carpool in order to save fuel and urged them to use public transit like the metro. His second request was that farmers cut their fertiliser consumption in half.
On Monday, the impact was felt by Indian markets. According to analysts, Modi’s remarks contributed to the more than 1,000 point drop in the benchmark Sensex index in early trade, as concerns about potential long-term economic disruption heightened.
Image Credit: Zee News
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