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Prime Minister Narendra Modi on May 11 renewed his appeal for austerity measures and fuel conservation amid mounting economic pressure caused by the ongoing US-Iran war, urging citizens to use public transport, adopt work-from-home practices and prioritise local products to reduce strain on the economy.\u00a0<\/p>
Addressing the inauguration of the Sardardham Hostel in Gujarat\u2019s Vadodara, the Prime Minister said the conflict in West Asia had emerged as one of the most serious global crises of the decade and called for collective public participation to minimise its impact on India.\u00a0<\/p>
Compares West Asia crisis to COVID pandemic<\/strong>\u00a0<\/p> \u201cIf the COVID pandemic was the biggest crisis of this century, then the circumstances created by the war in West Asia are one of the major crises of this decade,\u201d PM Modi said.\u00a0<\/p> MUST READ | PM Modi\u2019s WFH push gains industry backing as Nasscom says IT firms enabling remote work<\/em><\/strong><\/p> \u201cWhen we together overcame the challenge of COVID, we will surely get through this crisis as well,\u201d he added.\u00a0<\/p> The Prime Minister said the government was continuously working to shield Indian citizens and the economy from the fallout of the conflict, but stressed that responsible public behaviour and reduced consumption were equally important.\u00a0<\/p> \u201cWhenever the country faced war or any major crisis, every citizen fulfilled their responsibility in response to the government’s appeal. Today too, there is a need for all of us to come together and fulfil our responsibility,\u201d he said.\u00a0<\/p> Calls for work-from-home, online classes\u00a0<\/strong><\/p> PM Modi urged both government and private organisations to reduce fuel consumption by promoting remote work and virtual communication.\u00a0<\/p> DON’T MISS | Gold a ‘silent drain’: PM Modi’s remarks on gold-buying brings back 2024 report on forex risks<\/em><\/strong><\/p> \u201cBoth govt and private offices should encourage work from home. Arrangements for online classes should be considered for some time,\u201d he said.\u00a0<\/p> Highlighting the role of technology in reducing travel and fuel usage, the Prime Minister said virtual meetings and digital systems had become widely accessible since the COVID pandemic.\u00a0<\/p> \u201cDigital technology has now made so many things easy that technology\u2019s assistance will also be very beneficial for us,\u201d he said.\u00a0<\/p> Appeal to reduce petrol-diesel use\u00a0<\/strong><\/p> The Prime Minister appealed to citizens to minimise the use of petrol and diesel and make greater use of metros, electric buses, public transport and carpooling.\u00a0<\/p> \u201cI appeal to every citizen of my country to reduce the use of petrol-diesel as much as possible. Use the metro, make greater use of electric buses and public transport, and promote carpooling,\u201d PM Modi said.\u00a0<\/p> \u201cThose who have a car should take more people along in one vehicle,\u201d he added.\u00a0<\/p> DO CHECKOUT | Why PM Modi urged citizens to cut edible oil consumption, use of chemical fertilisers<\/em><\/strong><\/p> PM Modi noted that India remained heavily dependent on crude oil imports and warned that prolonged instability in West Asia could further increase pressure on supply chains and foreign exchange reserves.\u00a0<\/p> \u201cA major share of India\u2019s imports comes from crude oil. Unfortunately, the very region that supplies oil to a large part of the world is currently caught in a situation of conflict and instability,\u201d he said.\u00a0<\/p> The Prime Minister added that disruptions in global supply chains and rising energy costs were already affecting economies across the world.\u00a0<\/p> \u2018Vocal For Local\u2019 push amid import concerns\u00a0<\/strong><\/p> PM Modi also urged people to reduce unnecessary expenditure involving foreign exchange and reiterated his \u201cVocal for Local\u201d appeal.\u00a0<\/p> He said increasing the use of domestically produced goods and services would help strengthen the Indian economy at a time of global uncertainty and volatile import prices.\u00a0<\/p> \u201cUntil conditions return to normal, all of us will have to take small yet meaningful resolutions in our daily lives for the larger interest of the nation,\u201d he said.\u00a0<\/p> How markets reacted\u00a0to austerity call<\/strong>\u00a0<\/p> Indian equity markets ended sharply lower on May 11 as investors reacted to rising geopolitical tensions and concerns over slower consumer demand following PM Modi\u2019s appeal for austerity measures.\u00a0<\/p> The BSE Sensex closed down 1,312 points, or 1.70 per cent, at 76,015, while the Nifty 50 slipped 360 points, or 1.49 per cent, to settle at 23,815.\u00a0<\/p> Consumption-linked sectors witnessed heavy selling pressure after concerns emerged that lower discretionary spending, reduced fuel consumption and cuts in non-essential travel could affect FY27 growth prospects.\u00a0<\/p> The US-Iran war has now entered its third month with no clear diplomatic breakthrough, raising fears of prolonged volatility in global energy markets and continued pressure on oil-importing economies such as India.<\/p> <\/div> PM Modi, work from home, US Iran war, West Asia crisis, fuel prices, crude oil imports, Indian economy, public transport, Vocal for Local, stock market crash#West #Asia #war #biggest #crisis #decade #Modi #revives #call #WFH #online #classes1778523109<\/p> ","protected":false},"excerpt":{"rendered":" Prime Minister Narendra Modi on May 11 renewed his appeal for austerity measures and fuel conservation amid mounting economic pressure caused by the ongoing US-Iran war, urging citizens to use public transport, adopt work-from-home practices and prioritise local products to reduce strain on the economy.\u00a0 Addressing the inauguration of the Sardardham Hostel in Gujarat\u2019s Vadodara, […]<\/p>\n","protected":false},"author":1,"featured_media":7940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[5680,2377,153,29649,2151,29646,29648,23384,4424,3319,3252,8634,26950,4505,18680,15117,29647,1975,2182,15951,29318,29317],"class_list":["post-7939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-content-marketing","tag-asia","tag-biggest","tag-call","tag-classes","tag-crisis","tag-crude-oil-imports","tag-decade","tag-fuel-prices","tag-indian-economy","tag-modi","tag-online","tag-pm-modi","tag-public-transport","tag-revives","tag-stock-market-crash","tag-us-iran-war","tag-vocal-for-local","tag-war","tag-west","tag-west-asia-crisis","tag-wfh","tag-work-from-home"],"acf":[],"_links":{"self":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/7939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7939"}],"version-history":[{"count":0,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/posts\/7939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=\/wp\/v2\/media\/7940"}],"wp:attachment":[{"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7939"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/longzhuplatform.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}