Crisis in West Asia: Do we need Covid-style restrictions again? What PM Modi's appeal means?
People are worried following Prime Minister Narendra Modi's appeal to curb excessive expenditure. While some view it as a warning of an impending economic crisis, others interpret it as a hasty measure taken by a government that was late in assessing the situation.
Following PM Modi's appeal, heightened activity has been observed not only in the stock market but also in general marketplaces. Although government representatives are describing this as a timely and prudent step—even providing detailed statistical breakdowns of its potential benefits—the administration currently finds itself under fire from both opposition parties and political analysts.
The opposition regards this as a sign of the government's weakness, while analysts are attributing blame to policy decisions as they assess the multifaceted impact this appeal is likely to have on society and daily life. Given the comparisons being drawn to the COVID-19 era, and with the prevailing economic conditions in mind, a palpable sense of unease and agitation has intensified.
Do we need Covid-style restrictions again?
Do we need Covid-style restrictions again? The work from home and online schooling were undertaken in Covid era. At that time the reasons were different. The measures were undertaken for protection from pandemic. But today we need similar measures to save oil, gold etc and precious foreign exchange.
PM Modi's appeal is having its impact. In Madhya pradesh following the Prime Minister's appeal to reduce the consumption of petrol and diesel, Satyendra Bhushan Singh—the newly appointed Chairman of the Madhya Pradesh Small Industries Corporation—arrived in Bhopal via e-rickshaw on Tuesday to assume office, while in Jabalpur, a Justice reached the High Court by riding a bicycle.
Justice D.D. Bansal of the Madhya Pradesh High Court arrived at the court after cycling a distance of approximately 3 kilometers. Speaking to the media, he stated, "It is a misconception that High Court judges cannot commute by bicycle." He emphasized that, as far as possible, everyone should cycle to conserve petrol and diesel. He described this initiative as a matter linked to both environmental protection and the national interest.
Justice Bansal revealed that he began cycling after being inspired by the Chief Justice of the Madhya Pradesh High Court, Justice Sanjeev Sachdeva. Following his lead, several High Court employees also took the initiative to commute by bicycle, carrying their bags and lunchboxes.
Energy Minister Pradyuman Singh Tomar traveled from his official residence in Shivaji Nagar, Bhopal, to Panchanan Bhawan on an e-scooter to attend the charge-taking ceremony of Satyendra Bhushan, the Chairman of the Small Industries Corporation. Subsequently, he continued his journey to the Ministry on the same e-scooter.
PM has not asked people to stop travelling
PM has not asked people to stop travelling but asked them to use public transport like bus, metro etc to save fuel and avoid only non-essential travels to foreign countries.
He has urged people to limit the purchase of gold and use cooking oil economically to save foreign exchange.
So we need not Covid like precautions because at that time the precautions were needed for protection of people's health but today the situation in West Asia and the blocking of Strait of Hormuz for a long time has created unprecedented energy crisis and prices of fuel have increased in almost all countries. But the impact in India is so far limited.
Indian economy has continued to show resilience amid economic challenges
Meanwhile, union Minister of Commerce and Industry Shri Piyush Goyal addressed the Confederation of Indian Industry (CII) Annual Summit today in New Delhi and said that the Indian economy has continued to show resilience amid global geopolitical and economic challenges, with strong fundamentals and growing global confidence in India.
Goyal said India remains the fastest-growing large economy and highlighted that the country has nearly 11 months of import cover in foreign exchange reserves. Referring to India’s export performance, he said the country is set to achieve an all-time high export figure of nearly USD 863 billion this year. He added that India’s trade deficit in goods and services together is much lower than the country’s annual remittances, reflecting strong economic performance.
A wake-up call for India to become more self-reliant
The Minister said India has consistently turned crises into opportunities and noted that the country has always emerged stronger during periods of adversity. He said the current global situation should be viewed as a wake-up call for India to become more efficient, productive and self-reliant.
The Minister stressed the need for Indian industry to support one another and said collective growth of Indian industry would strengthen the country’s future. He referred to earlier statements made over the years on self-reliance, quality, productivity, innovation and collective action, and said these principles continue to guide the government’s economic thinking.
ANASUYA ROY