Middle East War Crisis : In a recent address to the people, Indian Prime Minister Narendra Modi has requested Indians to conserve fuel, cut down gold purchases, and avoid foreign trips as India faces with challenges rising from international energy shortages, which have been caused by international geopolitical issues.
Is India Preparing For The Economic Impact Of Global Conflict With Fuel Savings And A WFH Push?
Addressing an audience at a function in Hyderabad, India’s Prime Minister Narendra Modi has urged Indians to conserve their foreign exchange by minimizing the consumption of foreign crude oil. The statement was made at a time when the blockage of the Strait of Hormuz has reached 75 days and has adversely affected global oil and gas exports, driving up the cost of crude oil for three consecutive months.
The situation is challenging for India, considering that the country relies on foreign crude oil by 90 percent. While there have not been any increases in the price of petrol and diesel, such increases are expected in the coming days.
US Iran War Crisis: PM Modi Calls For Reduced Fuel Consumption
The Prime Minister advised people to use petrol, diesel, and gas judiciously and limit their travel where possible. He advocated more reliance on public transportation, ride-sharing, and electric cars to conserve fuel.
“Today, what we need at this moment is to use petrol, gas, diesel, and other fuels with caution. We should only use petroleum products that are imported as per necessity. In addition to saving our foreign currency, it will also reduce the negative consequences of the war,” he said.
Prime Minister Modi also proposed the reintroduction of the work-from-home policy that was implemented during the pandemic for the same reason that it will help in conserving fuel in the country’s interest. Although many nations have resorted to remote work and fuel conservation initiatives in response to increasing energy prices, India had not taken any stringent measures until now.
US Iran War Crisis Impact on India: PM Suggests Avoiding Overseas Vacations And Gold Purchases
Modi made his strongest appeal towards economic prudence by appealing to Indians not to take foreign trips or destination weddings for a year. He also appealed to the citizens not to buy any more gold since gold is costly and it puts pressure on India’s foreign exchange. “Some minor changes should be done for one year to save large amounts of foreign exchange,” he said. The remarks from the Prime Minister came in a situation where India’s trade deficit was growing because of expensive oil import and costlier gold and silver prices. The exports growth too is slowing down.
Push For Rail Transport, EVs And Solar Energy
He asked the industries to rely on rail transport for the movement of goods rather than using fuel-driven trucks and roadways. Secondly, he emphasized on adopting electric cars and solar water pumps as an alternative to fuel-driven machinery. Thirdly, he invited people to join “Make in India” campaign by preferring Indian products over imported products.
PM Advocates Natural Farming Amid Fertiliser Supply Concerns
Prime Minister has also spoken about issues regarding fertilizer shortage due to disruption in supplies globally. Farmers were advised to reduce their dependence on chemical fertilizers by half and move towards natural farming. As per Prime Minister Modi, reducing dependence on fertilizer imports will ensure the sustainability of Indian agriculture in tough times ahead.
‘Living Responsibly Is Also Patriotism’: PM Modi
Modi, while giving his speech, made the connection between economic responsibility and patriotism. According to him, patriotism is not just about sacrifice in times of war; it also entails making responsible decisions at such moments in time. He asked the citizens to join hands to help India overcome the problem of global logistics disruption caused by the ongoing international conflict.
PM Modi Suggests Cutting Cooking Oil Consumption By 50%
The PM also suggested cutting down the use of cooking oil by 50 percent, arguing that this would help reduce the dependency on imports as well as enhance public health. “We can make considerable savings on foreign exchange through such prudent use of our resources. The govt is making all-out efforts to deal with these issues. For instance, in other nations, one bag of urea is priced at Rs 3,000, while our farmers are receiving it at only Rs 300,” he added. Modi pointed out that the govt had also made LPG more accessible for the poor and was now trying to provide affordable piped gas connections throughout the nation.
