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Impact on Indian Markets
Sensex market fluctuation during the recent economic strain.
Primary Sources
Modi urges Indians to WFH and limit foreign travel as Iran war continues
"Patriotism is not only about the willingness to sacrifice one's life on the border. In these times, it is about living responsibly and fulfilling our duties to the nation in our daily lives," Modi said."In the current situation, we must place great emphasis on saving foreign exchange," he added.Urging people to use public transport such as the metro, Modi suggested people carpool to conserve fuel. He also asked farmers to reduce use of fertiliser by half.The effect was visible on Indian markets on Monday - analysts say Modi's comments was one of the reasons the benchmark Sensex index fell more than 1,000 points in early trade amid fears of prolonged economic disruption.India's high-growth economy gets a Middle East oil shockA faraway conflict threatens livelihoods in India's glass hubIndia has so far avoided raising petrol and diesel prices at the pump despite mounting pressure on state-run fuel retailers. But the prolonged conflict and disruption to oil supplies have begun to strain the broader economy. The impact has been visible in a number of industries, with hundreds of thousands of jobs at risk in factories that make glass and plastic products and tiles. Dwindling fertiliser supplies have raised concerns about lower farm produce and higher food prices.But the effect has been most stark on the Indian rupee, which has hit record lows in recent weeks, increasing the cost of imports and adding pressure on inflation.Analysts say Modi's remarks indicate the government may soon issue some directives to curb energy use. A price revision of petroleum products could also be on the horizon.India's opposition leaders criticised Modi's remarks, saying it pointed to poor planning on the part of the federal government. Congress party leader Rahul Gandhi said the government was shifting "responsibility onto the people" and escaping accountability themselves."[Modi's suggestions] aren't sermons - these are proofs of failure," he said in a post on X.The war in Iran and the choking of the Strait of Hormuz has affected economies across the globe, especially in Asia, with many countries reeling under rising fuel costs. The International Energy Agency (IEA) has described it as the "largest supply disruption in history".In the days following the start of the war, a number of countries introduced measures to limit the impact on consumers and the economy.China ordered its oil refineries to stop exporting fuel for the time being, but petrol still became expensive in the c...
Iran war effect: Why is Modi asking Indians to avoid foreign trips ...
Prime Minister Narendra Modi has urged Indians to work from home, avoid international trips and not buy gold during the United States-Israeli war on Iran, which has caused global energy prices to surge, adding pressure on India’s foreign exchange reserves.Modi made his plea during a public event in the southern city of Hyderabad on Sunday.Recommended Stories list of 4 itemslist 1 of 4Russia kills three Ukrainians in 24 hours, accuses Kyiv of violating trucelist 2 of 4Trump says US will not allow Iran to reach enriched uraniumlist 3 of 4US Jewish leader, Israel advocate Abe Foxman dies at 86list 4 of 4Trump to discuss Iran with Xi Jinping during China visit: Officialsend of listHere is more about what Modi said, what’s behind the Indian government’s concerns and how they’re linked to the war on Iran.What did Modi say?Modi said people should move to online meetings instead of physical gatherings and use the work-from-home model that was adopted globally during the COVID-19 pandemic. He explained that such practices would cut down the use of fuel.Additionally, Modi urged people to use public transport and carpooling to save fuel. He called on families to reduce their cooking oil consumption, describing that move as both healthy and patriotic.Modi also asked Indians to avoid buying gold and to cut nonessential overseas travel for at least a year. The prime minister asked farmers to cut their fertiliser use by as much as half.And he explained his justification for asking the people of India to make these changes in their lifestyles and plans: “In the current situation, we must place great emphasis on saving foreign exchange.”What’s the ‘current situation’ Modi was talking about?Simply put, Modi was referring to the war on Iran and its far-reaching economic consequences, especially for India.Early in the war too, Modi had compared the economic crisis spawned by the conflict to the situation during the COVID-19 pandemic. On Sunday, he extended that parallel to also ask Indians to adopt some of the restrictive measures forced upon the world by the coronavirus crisis.Oil prices have climbed due to the war on Iran, which started on February 28. A barrel of Brent crude, the international benchmark, was worth $72.87 on February 27. As of Monday, a barrel of Brent crude was worth $105.45, an almost 50 percent increase.Iranian attacks on oil and gas facilities in the Gulf in the early weeks of the war impacted energy supplies. Since early March, Iran has also restricted...
India news: Cut fuel use, Modi says amid Iran war crisis
Prime Minister Narendra Modi is asking Indians to work from home more and make a series of changes in their consumption habits, including cutting down on foreign trips and buying gold jewelry.
Work from home, Gulf crisis: Modi urges Indians to cut travel and save ...
Is WFH only a matter of time? PM's appeal underscores Iran war-oil shock reality Prime Minister Narendra Modi's appeal to work from home, avoid unnecessary travel and return to virtual meetings amid the Gulf crisis has reignited the WFH debate, with several countries already adopting similar fuel-saving measures as the energy shock deepens.
