economy
Modi urges Indians to save fuel amid oil supply disruptions
Modi urged Indians to resume remote work and digital meetings to cut fuel use, save foreign exchange, and ease inflation pressure from oil imports.
TL;DR
- Prime Minister Narendra Modi urged the public to cut fuel usage by returning to public transport and remote office work.
- International conflicts, particularly the Middle East conflict, have pressured oil prices and depleted India's foreign exchange reserves.
- Modi advocated for prioritizing remote work, online conferences, and virtual meetings to slash fuel consumption and save foreign exchange.
- The Prime Minister also promoted the wider use of public transport, including metro and railways, and electric vehicles for goods movement.
- India is the world's third-largest energy consumer, heavily dependent on crude oil imports (85% of requirements).
- A 10% rise in crude prices cuts India's economic growth by 15 basis points and lifts inflation by 30 basis points, according to its central bank.