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Union Minister Ashwini Vaishnaw warns that the recent geopolitical developments underline growing concerns over the economic fallout of the ongoing West Asia conflict.
Union Minister Ashwini Vaishnaw.
With tensions in West Asia continuing to cloud the global economic outlook, Union Minister Ashwini Vaishnaw on Monday echoed Prime Minister Narendra Modi’s call for economic restrainturging citizens and businesses to reduce expenditure that requires foreign exchange while simultaneously working to earn more forex for the country.
Addressing the CII Annual Business Summit 2026 in New Delhi, Vaishnaw warned that recent geopolitical developments suggest that “the truce is still far away”, underlining growing concerns over the economic fallout of the ongoing West Asia conflict.
“Since the war is still going on, and yesterday’s developments, we all know that the truce is still far away… We, as citizens, as our Prime Minister has asked all of us, we can reduce our expenditure on everything that requires foreign exchange to be spent. In our lives, we can identify what we can do to preserve the foreign exchange. Simultaneously, we must also earn more and more foreign exchange. Both things have to go in parallel,” Vaishnaw said.
The remarks come amid escalating tensions between US-backed Israel and Iran, with the strategically crucial Strait of Hormuz emerging as a key flashpoint. The conflict has already triggered a sharp rise in global crude oil prices and renewed fears over supply chain disruptions.
Iran has reportedly submitted a formal response to a US proposal aimed at ending the conflict. According to Iranian state media, Tehran’s proposal includes demands for compensation for war-related damages and a renewed emphasis on its sovereignty over the Strait of Hormuz. However, US President Donald Trump on Sunday termed Iran’s proposal “totally unacceptable”.
Vaishnaw urged businesses and citizens to contribute “within their own means” to help cushion the economy from external shocks.
“I’ll request all of you to take cognisance of the Prime Minister’s call to the nation and within your own means, within your own enterprises, within your own businesses, try to do whatever best you can,” he added.
On Sunday, while addressing a gathering in Secunderabad, PM Modi had appealed to citizens to reduce edible oil consumption, use public transport, adopt car-pooling and electric vehicles, and encourage natural farming practices to reduce import dependence and save foreign exchange.
Describing it as a form of “economic self-defence”, Modi said patriotism in the current global environment also means responsible consumption and reducing avoidable dependence on imports amid rising fuel prices and global uncertainty caused by the West Asia conflict.
(With inputs from agencies)
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