NEW DELHI: Indian Prime Minister Narendra Modi has appealed to the public to avoid buying gold, save fuel, and reduce unnecessary expenses in view of the increasing economic pressure due to the Iran war.
According to Indian media reports, Narendra Modi said in his address to the nation and in government meetings that the current global situation, especially the Iran war and the closure of the Strait of Hormuz, is having a direct impact on India’s economy.
He requested the public to avoid buying gold for at least a year so that the country’s valuable foreign exchange can be preserved. India is among the world’s largest gold importers, which is putting pressure on foreign exchange.
Modi said that fuel prices are continuously increasing because about 90 percent of India’s LNG imports come through the Strait of Hormuz, while the energy crisis is intensifying due to restrictions and tensions on this important sea route by Iran.
The Indian Prime Minister also stressed the need to re-adopt the work-from-home policy to reduce fuel consumption. He also appealed to the public to reduce unnecessary purchases and spending.
