PM Modi urges citizens not to buy gold for a year, reduce fuel consumption and conserve foreign exchange amid West Asia crisis

Prime Minister Narendra Modi has urged people not to buy gold for a year, reduce fuel consumption, and conserve foreign exchange amid the West Asia crisis. Addressing a function in Hyderabad, PM Modi also called for the revival of work-from-home practices.

The remarks come against the backdrop of record-high fuel prices in many countries. The Prime Minister’s appeal comes at a time when global crude oil prices have surged from nearly 70 dollars per barrel to around 126 dollars per barrel due to escalating tensions in West Asia and disruptions around the Strait of Hormuz.

Prime Minister Modi also appealed to citizens to rethink discretionary spending as the country faces economic pressure from rising global energy costs. He further urged people to reduce edible oil consumption and asked farmers to cut dependence on chemical fertilisers imported from abroad.