Economic Patriotism
'Avoid foreign trips, don’t buy gold’: PM Modi calls for economic restraint amid West Asia conflict
Telengana: Prime Minister Narendra Modi on Sunday urged Indians to adopt austerity measures in view of the escalating conflict in West Asia, warning that the global crisis could severely impact India’s economy through rising fuel prices and pressure on foreign exchange reserves.
Addressing a BJP gathering in Hyderabad, Modi appealed to citizens to avoid unnecessary foreign travel for a year and refrain from purchasing gold during festivals and weddings.
Stressing the need for “economic patriotism”, he said every Indian must contribute towards protecting the country’s financial stability during uncertain global conditions.
The Prime Minister also asked people to reduce petrol and diesel consumption, revive work-from-home practices wherever possible and rely more on public transport.
He cautioned that disruptions in global crude oil supply chains due to the conflict could sharply raise India’s import bill, given the country’s heavy dependence on imported fuel and gold.
“We have to save foreign exchange by every possible means,” Modi said, adding that mindful spending and reduced imports would help India remain economically resilient if the international situation worsens further.
His remarks come at a time when global markets are witnessing volatility amid fears of prolonged instability in West Asia, with crude oil prices already showing signs of upward pressure.
Strait of Hormuz crisis deepens energy concerns
The Strait of Hormuz, a critical maritime chokepoint for global oil shipments from the Middle East, has become a major flashpoint amid the ongoing conflict.
According to reports, the key shipping route has remained disrupted for the past two months following the escalation triggered by the February 28 strike on Iran by US-Israeli forces. The blockade has led to a sharp rise in global oil prices, further intensifying economic uncertainty worldwide.The surge in oil prices has also driven up the cost of several essential commodities, adding to inflationary pressures in multiple economies.
UN Security Council moves to address maritime tensions
In response to the growing crisis, Bahrain and the United States have circulated a draft Security Council resolution calling for Iran to cease attacks in the Strait of Hormuz, their ambassadors outlined to journalists at UN Headquarters in New York on Thursday.
The text is supported by Kuwait, Qatar, Saudi Arabia and the United Arab Emirates (UAE), whose representatives also took part in the stakeout.
The Strait of Hormuz which separates the United Arab Emirates and Iran is a strategically important shipping route. (Image: NASA)
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
