The Prime Minister called for a return to some Covid-era energy-saving measures, including work from home, online meetings, and virtual conferences
Prime Minister Narendra Modi has urged Indians to reduce fuel consumption, avoid buying gold, and work from home as the ongoing conflict involving Iran begins to affect India’s economy.
Speaking in Telangana on Sunday, Modi said people should use public transport more often and avoid unnecessary car travel. He encouraged citizens living in cities with metro systems to use them whenever possible and suggested carpooling to reduce petrol and diesel use.
India has so far avoided raising petrol and diesel prices or limiting supplies, unlike some countries in the region. However, the government has increased the price of liquefied petroleum gas (LPG), which is widely used for cooking.
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India imports a large share of its energy needs, including about 90 percent of its oil and half of its natural gas
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Much of its LPG supply passes through the Strait of Hormuz, a key shipping route affected by tensions linked to the Iran conflict
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Rising global energy prices are now putting pressure on India’s foreign exchange reserves and weakening the rupee against the US dollar
Modi also appealed to people to stop buying gold for a year and avoid foreign travel in order to save foreign currency. Gold remains a popular investment and wedding purchase in India, but it is traded internationally in dollars, increasing pressure on the country’s reserves.
The Indian central bank has already stepped into currency markets by selling dollars to support the rupee, which recently touched a record low.
