Why is the Prime Minister advocating austerity?
Prime Minister Narendra Modi has urged Indian citizens to adopt austerity measures to mitigate the economic impact of the ongoing global energy crisis. His suggestions include reducing fuel consumption, avoiding foreign travel, and buying Indian-made products. Critics have questioned the timing of these appeals, given their proximity to recent elections.
- ▪PM Modi has proposed a seven-fold plan to help the economy during the global energy crisis.
- ▪India imports 85-90% of its oil, making it vulnerable to international price fluctuations.
- ▪The current account deficit is projected to grow to 2.5% of GDP this financial year, up from 1.4%.
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The story so far:Over the past week, a series of nudges, policy changes, and public messages have sought to influence the behaviour of Indian consumers, companies, and farmers. At the heart of this push is an effort to reduce India’s imports of oil and petroleum products, gold, and fertilizers, and involves everyone from the Prime Minister and his Cabinet colleagues to industry leaders and associations.What was the Prime Minister’s message?On May 10, during a speech in Secunderabad, Prime Minister Narendra Modi laid out a seven-fold set of suggestions for the Indian public to help the economy and the government’s finances weather the storm created by the war in West Asia.
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