Union Minister Ashwini Vaishnaw Supports PM's Call for Fuel and Gold Consumption Reduction
Vaishnaw backs PM's appeal to cut fuel, gold buying for a year
Asianet Newsable
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Union Minister Ashwini Vaishnaw endorsed Prime Minister Narendra Modi's appeal for citizens to reduce fuel consumption and refrain from purchasing gold jewelry for a year due to global uncertainties. He emphasized the importance of conserving foreign exchange and highlighted India's advancements in rail infrastructure and technology.
- 01Vaishnaw supports PM Modi's appeal to reduce fuel and gold purchases.
- 02Focus on conserving foreign exchange by minimizing imports.
- 03India's railway infrastructure has expanded significantly, with a capital expenditure increase.
- 04New high-speed rail corridors are set to enhance connectivity and reduce travel times.
- 05India aims for self-reliance in electronics and semiconductor manufacturing.
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Union Minister for Railways, Information and Broadcasting, and Electronics and IT, Ashwini Vaishnaw, expressed support for Prime Minister Narendra Modi's appeal to cut fuel consumption and avoid gold purchases for a year amid global uncertainties. Speaking at the CII Annual Business Summit in New Delhi, he emphasized the need to conserve foreign exchange by reducing imports of diesel and petrol. Vaishnaw highlighted India's significant transformation in railway infrastructure, with 36,000 kilometers of new tracks added and 49,000 kilometers electrified over the past decade. He noted that railway capital expenditure has surged from around ₹66,000 crore (approximately $8 billion USD) to nearly ₹2,72,000 crore (about $33 billion USD) in the last financial year. The government is also set to invest nearly ₹16 lakh crore (roughly $1.9 trillion USD) in seven new high-speed rail corridors, drastically reducing travel times between major cities. Additionally, Vaishnaw discussed the growth in India's manufacturing sector, particularly in electronics and semiconductors, with a focus on building a robust domestic chip ecosystem. He also mentioned the government's initiatives to promote data centers and digital infrastructure, which are expected to attract significant investments.
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The appeal to reduce fuel and gold purchases could lead to lower import bills, potentially stabilizing the economy and conserving foreign exchange, which is crucial for India's financial health.
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