Indias PM Modi advises citizens to limit international travel and gold purchases

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Prime Minister Narendra Modi has issued guidelines to Indians to conserve fuel and reduce their energy consumption amid the global energy crisis caused by the ongoing war on Iran.

During a public event in Hyderabad, Modi urged people to adopt work-from-home practices, use public transport, and carpool to minimize fuel usage. He also asked families to reduce their cooking oil consumption, describing it as a healthy and patriotic move.

Additionally, Modi advised Indians to avoid buying gold and cut nonessential overseas travel for at least a year. Farmers were also instructed to reduce their fertilizer use by half.

The prime minister’s appeal is linked to the economic consequences of the war on Iran, which has led to a surge in global energy prices. The International Monetary Fund projects that India’s current account deficit will be $84 billion in 2026.

As of Monday, a barrel of Brent crude was worth $105.45, an almost 50 percent increase from its value on February 27. Iranian attacks on oil and gas facilities in the Gulf have impacted energy supplies, while restrictions on passage through the Strait of Hormuz have further disrupted global oil and gas supplies.

The US has announced a naval blockade on ships entering or leaving Iranian ports, adding to the disruption. With rising fuel costs, airlines have increased ticket prices, with international airfares from the US averaging $1,101 in the last week of April, a 16 percent increase from the same period a year earlier.

India’s foreign exchange reserves stood at $690.69 billion as of May 1, down $7.79 billion or about 1.12 percent, from the end of March. The Reserve Bank of India reported that this decline is more significant compared to pre-war levels.

Modi emphasized the importance of conserving fuel and reducing energy consumption in light of India’s foreign exchange reserves.

Source: Al Jazeera