‘Need to save foreign exchange in war crisis’: PM Modi pushes to reduce fuel use, energy consumption Gold buys, good for WFH

HYDERABAD/NEW DELHI Amid global energy supply disruptions, Prime Minister Narendra Modi on Sunday urged people to use public transport and resume working from home to reduce dependence on petrol and diesel, mainly from imported crude oil, and save foreign exchange by avoiding overseas weddings and vacations and unnecessary gold purchases.The recommendations, seen as the toughest calls ever made by the Indian prime minister at an event in Hyderabad, come as the blockade of the Strait of Hormuz approaches its 75th day and has hit supplies of oil and gas, which the government uses to procure oil and gas from multiple sources, pushing up crude prices for Indian refiners for the third month in a row. Oil companies have not raised oil prices so far but are expected to do so in the coming days.

While some countries have adopted work-from-home and other options to reduce fuel consumption in addition to raising fuel prices, India has so far avoided such measures. High energy and gold and silver prices have pushed up India’s trade deficit and slowed export growth in recent months.Modi asked people to avoid non-essential gold purchases for a year and postpone non-essential travel abroad, and called for a return to COVID-era efficiency measures such as work-from-home arrangements in the national interest. He also urged businesses to choose shipping goods by rail and asked individuals to avoid unnecessary travel and ride-sharing and use electric vehicles.“If we make some small changes within a year, we can save a lot of foreign exchange,” he said.He also advised farmers to halve their fertilizer use and, in some cases, switch to natural farming amid a hit to fertilizer supplies.

PM Modi: Reducing edible oil intake by 50% can improve health

Invoking patriotism, the Prime Minister said it is not just about one living for the country but also about living responsibly and fulfilling one’s duty to the country during difficult times. He called for collective participation to help India cope with global economic disruption, supply chain challenges and rising prices caused by international conflicts.“The need of the hour is to restrain the use of petrol, natural gas, diesel and similar resources. We must use imported petroleum products only when required. This will not only save foreign exchange but also reduce the adverse effects of war,” he said. India relies on imports for nearly 90 per cent of its crude oil needs due to shrinking domestic production. Prime Minister Narendra Modi has proposed reducing cooking oil consumption by 50%, which he says will improve health.

Prime Minister Narendra Modi called for collective participation to help India cope with global economic disruption, supply chain challenges and rising prices caused by international conflicts.“The need of the hour is to limit the use of petrol, natural gas, diesel and similar resources. We must use imported petroleum products only when required. “This will not only save foreign exchange, but also reduce the adverse effects of the war,” he said. As domestic production continues to shrink, India relies on imports for nearly 90% of its crude oil needs.The Prime Minister said his government’s initial focus was on achieving universal access to LPG among the poor and was now expanding affordable piped gas connections across the country. “By using these resources wisely, we can save a lot of foreign exchange next year. Our government is working tirelessly to address these challenges. In other countries, a bag of urea costs around Rs 3,000, but our farmers can get it for just Rs 300,” he added.Modi also asked people to support “Made in India” products, choose Indian alternatives for daily items like toothpaste, and advocated the use of electric vehicles and solar-powered pumps as an alternative to diesel pumps. In another proposal, Modi proposed reducing cooking oil consumption by 50%, which he said would improve health.