Agencies | New Delhi:
Narendra Modi on Monday reiterated his appeal for nationwide cost-cutting measures in view of the economic challenges arising from the ongoing US-Iran conflict, urging citizens to reduce fuel consumption, adopt public transport and support locally manufactured products.
Speaking at the inauguration of the Sardardham Hostel in Vadodara, the Prime Minister stressed the need for collective public participation to reduce pressure on India’s foreign exchange reserves and dependence on imports amid disruptions in global supply chains.
“A major portion of India’s imports consists of crude oil, and the region supplying much of the world’s oil is currently facing instability and conflict. Until normalcy returns, every citizen must adopt small but meaningful measures in the larger national interest,” Modi said.
The Prime Minister urged people to minimise petrol and diesel usage by relying more on metro services, electric buses, public transport and carpooling. He also advocated greater use of digital technology, virtual meetings and work-from-home arrangements in both government and private offices.
Modi further highlighted the rising burden of gold imports on the economy and appealed to citizens to temporarily avoid unnecessary purchases. Reiterating his “Vocal for Local” campaign, he called on people to prioritise Indian-made products over imported goods.
He said India has historically overcome crises through collective responsibility and public cooperation, adding that the current geopolitical situation also demands similar national resolve.
The Prime Minister’s remarks come as the US-Iran conflict entered its third month with diplomatic efforts facing setbacks after Donald Trump reportedly termed Iran’s response to a proposed peace agreement as “totally unacceptable.”
Indian stock markets reacted sharply to the developments and the Prime Minister’s austerity appeal. The BSE Sensex fell 1,312 points to close at 76,015, while the NIFTY 50 dropped 360 points to settle at 23,815.
Consumption-driven sectors witnessed heavy selling pressure amid concerns over slowing demand growth and prolonged geopolitical uncertainty.
