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Modi urges frugal living as Iran conflict rattles India's forex reserves
world16 days ago

Modi urges frugal living as Iran conflict rattles India's forex reserves

PM Modi urged Indians to work from home, avoid overseas trips, and cut gold purchases to protect foreign exchange as the Iran war pushes up oil prices and disrupts global energy flows; he also called for reduced fertiliser use. India’s forex reserves have slipped amid high imports of oil, gold, and fertilisers, and while curbing travel and gold can help, essential energy and fertiliser needs limit how much India can cut back.

via Al Jazeera|
#foreign-exchange-reserves#gold-imports#india-economy
Modi Calls for Austerity: Cut Gold Purchases and Foreign Travel as Iran War Strains India's Economy
world17 days ago

Modi Calls for Austerity: Cut Gold Purchases and Foreign Travel as Iran War Strains India's Economy

Prime Minister Narendra Modi urged Indians to conserve energy and reduce spending on fuel, fertilizer, and travel to shore up India’s finances amid the economic fallout of the Iran war. He pressed citizens to buy less gold, have more solar-powered solutions, work from home, and use electric vehicles and carpooling to save foreign exchange as the rupee weakens and deficits widen, a move aiming to protect forex reserves amid Hormuz blockade and rising inflation.

via The New York Times|
#foreign-travel#gold-imports#india-economy