PM Modi Advocates Austerity Measures Amid Rising Import Costs
PM Modi calls for pandemic-era austerity drive
The Economic TimesImage: The Economic Times
Prime Minister Narendra Modi urged Indians to adopt austerity measures reminiscent of the COVID-19 pandemic in response to rising import costs due to the ongoing conflict in West Asia. He emphasized reducing fuel consumption, avoiding non-essential purchases, and adopting local products to conserve foreign exchange reserves.
- 01Modi calls for austerity measures similar to those during the COVID-19 pandemic.
- 02Citizens are urged to reduce petrol and diesel consumption and avoid non-essential imports.
- 03Farmers are asked to cut fertilizer use by half and adopt natural farming practices.
- 04The government is absorbing significant losses to shield consumers from price hikes.
- 05Modi emphasizes collective responsibility and patriotism in facing economic challenges.
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In a recent address in Hyderabad, Prime Minister Narendra Modi called for a nationwide austerity drive to tackle the economic disruptions caused by the ongoing conflict in West Asia, which has led to soaring import costs for essential goods. He stressed the importance of reducing petrol and diesel consumption, advocating for greater reliance on public transport and work-from-home arrangements. Modi urged citizens to conserve foreign exchange by avoiding non-essential purchases, including gold and overseas holidays, for one year. He also recommended cutting fertilizer use by half among farmers and adopting local products to reduce dependency on imports. The Prime Minister highlighted that the government is currently absorbing losses of ₹30,000 crore (approximately $3.6 billion USD) per month to keep retail prices stable, despite significant increases in commercial LPG prices. Modi's appeal reflects a call for collective action and patriotism as India navigates these economic challenges.
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These measures could lead to reduced household expenses on fuel and groceries while promoting local products, potentially benefiting the economy.
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