Top industrialists have expressed their support for Prime Minister Narendra Modi’s recent call for austerity and economic self-reliance amidst global uncertainties stemming from the West Asia conflict. TVS Motor Company Chairman Venu Srinivasan and Bharti Enterprises Chairman Sunil Bharti Mittal endorsed the Prime Minister’s emphasis on self-reliance and prudent consumption during times of heightened global volatility.
The Chief Economic Adviser at State Bank of India highlighted that PM Modi’s appeal is primarily aimed at safeguarding India’s foreign exchange reserves rather than enforcing any form of rationing. This support from industry leaders follows PM Modi’s address at a BJP public meeting in Secunderabad, where he urged citizens to conserve fuel, adopt work-from-home practices, limit non-essential purchases, and avoid overseas vacations to help India navigate economic challenges arising from geopolitical tensions in West Asia.
PM Modi emphasized the importance of saving foreign exchange reserves, especially due to India’s reliance on imported fuel. He suggested that reducing fuel consumption could help preserve valuable foreign exchange reserves, particularly with the sharp rise in global energy prices. Additionally, he advocated for the revival of digital work practices, such as remote working and virtual meetings, which were successfully implemented during the COVID-19 pandemic.
The Prime Minister also encouraged citizens to prioritize domestic tourism and celebrations, while avoiding non-essential foreign travel, destination weddings, and overseas holidays. He advised against non-essential gold purchases for the next year to alleviate pressure on forex reserves and recommended households to reduce edible oil consumption for both economic stability and personal health benefits. Meanwhile, Praveena Rai, MD & CEO of Multi Commodity Exchange of India Ltd (MCX), reported a significant performance in the bullion segment for the exchange in FY26, with strong contributions from bullion, energy, and metals sectors.
