India's Prime Minister urged citizens to save fuel and not to buy gold
India found itself on the brink of a large-scale fuel crisis due to wars in Iran and the blockade of the Strait of Hormuz.
The country's Prime Minister Narendra Modi urged citizens to minimize the use of petrol and diesel fuel, reports Bloomberg.
The Prime Minister believes that the experience of Covid-19 will be useful. Working from home is once again becoming a priority, and this mode will help decongest roads. Online meetings should replace personal business trips.
According to Bloomberg, authorities are already implementing an action plan to mitigate the crisis's consequences. Businesses are suffering from gas shortages, as oil bills are becoming too high. The federal cabinet has already approved a financial aid program. 1.9 billion US dollars have been allocated to support airlines and businesses. The funds will go towards guaranteeing loans.
The restrictions do not only concern fuel. Modi addressed Indians with an unusual request, urging them not to buy gold unless absolutely necessary. Currency must remain within the country.
The Prime Minister also asks to refrain from expensive weddings, and suggests postponing foreign holidays. Instead of travel to Europe or Asia, Indians are advised to choose domestic tourism.
This will help preserve foreign exchange reserves, which are currently under great pressure.
India is the world's third-largest oil importer, and the country's economy is highly dependent on energy prices. Every 10% increase in the price of a barrel of oil impacts economic indicators. This reduces economic growth rates by 15 basis points. Inflation, meanwhile, increases by 30 basis points.
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