India's finance ministry has issued a directive to state-run banks, insurers, and financial institutions to implement stringent cost-cutting measures amid economic uncertainties. The order mandates that all meetings, reviews, and consultations be conducted via video conferencing, significantly reducing travel expenses for employees of institutions like the State Bank of India and Life Insurance Corp of India. Additionally, foreign travel for top executives must be limited, with a preference for virtual participation in international engagements. The directive also emphasizes a phased transition to electric vehicles (EVs), urging organizations to replace petrol and diesel vehicles in their offices with electric alternatives as much as possible. This initiative aligns with Prime Minister Narendra Modi's recent call for austerity, as the government faces economic challenges stemming from rising global tensions, which could slow growth and increase inflation. The Indian rupee has already been affected, performing poorly against other currencies this year. In line with these measures, several Indian states have also encouraged employees to work from home two days a week to further cut costs.