The Indian Prime Minister has urged citizens to travel less, avoid buying gold and save fuel
He made this statement during a speech in the Indian city of Hyderabad, according to Bloomberg.
According to the Prime Minister, Indian citizens should cut back on non-essential travel and prioritise remote working and online meetings, as during the Covid-19 pandemic. He also urged farmers to reduce their use of chemical fertilisers.
Modi also asked the country’s residents to cut back on buying gold jewellery and travelling abroad so that currency remains in India. India’s opposition has sharply criticised the prime minister’s proposals, accusing him of spreading panic among the public.
India is the world’s third-largest oil importer, so the sharp rise in oil prices is putting additional pressure on the country’s economy. According to the central bank’s estimates, a 10% increase in oil prices could reduce economic growth by approximately 0.15 percentage points and raise inflation by 0.3 percentage points.
Global oil prices began to rise sharply following the start of the US and Israeli military operation against Iran. This brought tanker traffic through the Strait of Hormuz to a standstill, a route through which nearly a fifth of the world’s oil exports passed.
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