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An inter-ministerial briefing by government officials also sought to put to rest any panic, even as the stock exchange felt sharp jolts after the prime minister’s appeal on Sunday
The meeting led by defence minister Rajnath Singh reinforced the government’s message that there is no need to panic.
A day after Prime Minister Narendra Modi’s appeal for austerity measures, the fifth meeting of the Informal Group of Ministers (IGoM) was held on Monday to discuss the West Asia crisis. The meeting led by defence minister Rajnath Singh reinforced the government’s message that there is no need to panic, but resources must be conserved, given the fuel supply squeeze due to the blockade of the Strait of Hormuz.
“I urge people to remain calm and avoid any kind of panic as the government is taking concrete steps to prevent shortages or disruptions in supply chains,” Singh posted on social media soon after the meeting.
He added, “PM Modi’s appeal for collective participation of people to help the country face global disruptions and challenges is going to be a significant step towards self-reliance and ensuring energy security. It is the prime minister’s broader message about conservation during a difficult global period.”
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The meeting was attended by oil and petroleum minister Hardeep Singh Puri, shipping minister Sarbananda Sonowal, civil aviation minister Kinjarapu Ram Mohan Naidu, MoS PMO Dr Jitender Singh, parliamentary and minority affairs minister Kiren Rijiju and health minister JP Nadda amongst others.
An inter-ministerial briefing by government officials also sought to put to rest any panic, even as the stock exchange felt sharp jolts after the prime minister’s appeal on Sunday. “Though there is price volatility in the global market, the government has tried to ensure minimum problem for consumers. Refineries are operating at an optimum level and there are no reports so far of dry out at retail outlets or LPG outlets,” Sujata Sharma, joint secretary in the ministry of petroleum, told the media.
The government clarification also came as the Opposition, led by Rahul Gandhiattacked the prime minister on his austerity appeal.
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The Chamber of Trade and Industry also expressed concerns over PM Modi’s appeal to citizens to minimise buying gold this year. CTI chairman Brijesh Goyal, in a letter to PM Modi, requested for a meeting to share the concerns of the gold retail industry. “Jewellery dealers want to present their issues related to gold and jewellery in a meeting with PM Modi,” Goyal said.
PM Modi’s Push
PM Modi on Sunday made an unusual public appeal for austerity and conservation amid mounting global energy pressures and fears of disruptions linked to the West Asia crisis, urging citizens to reduce fuel consumptionavoid unnecessary foreign travel and revive work-from-home practices.
Speaking at a public event in Secunderabad, PM Modi asked people to once again adopt habits seen during the Covid years, including online meetings, video conferences and remote work, saying these steps could help reduce fuel consumption and ease pressure on India’s foreign exchange reserves. He also urged citizens to use imported petroleum products “only as needed”, prefer metro rail and public transport, adopt electric vehicles where possible and shift more freight movement to railways.
In one of the strongest signals of economic caution from the government in recent years, the prime minister also appealed to Indians to postpone non-essential gold purchases and foreign vacations for a year, arguing that both significantly strain foreign exchange reserves. He additionally called for reducing dependence on imported chemical fertilisers and edible oils, pitching natural farming and self-reliance as economic necessities during a period of global uncertainty. The remarks came against the backdrop of soaring crude oil prices and concerns over supply disruptions through the Strait of Hormuz, a key route for India’s energy imports.
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