Prime Minister Narendra Modi has reiterated his call for Indians to adhere to austerity measures, such as avoiding foreign travel and gold purchases, in light of economic headwinds caused by the war in West Asia. His remarks have been met with criticism from opposition parties.
In a video message posted from Kyrgyzstan on Tuesday, Prime Minister Narendra Modi once again called upon Indians to adhere to austerity measures. He specifically asked individuals not to travel abroad unnecessarily and abstain from buying gold. Furthermore, he urged against organizing destination weddings in foreign countries. This appeal comes as the prime minister is attending the Shanghai Cooperation Organisation (SCO) summit, which comprises India, China, Russia, Pakistan, Iran, and five Eurasian nations.
The multilateral forum was formed in 2001, with India joining as a member in 2017. The primary objective of the SCO is to strengthen political and economic cooperation among its members.
Modi had previously called for austerity measures in May, citing economic headwinds caused by the war in West Asia. At that time, he urged the public to avoid non-essential foreign travel and destination weddings abroad for a year, stating that conserving foreign exchange reserves was an act of patriotism.
Modi also advised against non-essential gold purchases to reduce pressure on foreign exchange outflows. He made these statements while congratulating the public on India’s gross domestic product (GDP) growing at 7.8% in the April-June quarter, surpassing the Reserve Bank of India’s forecast for the quarter.
In his message, Modi stated that India was 'progressing rapidly' despite global uncertainty, wars and disruptions in supply chains. He emphasized that the country had achieved a 7.8% growth rate, calling it 'strong numbers' and expressing 'even stronger confidence'. However, he also acknowledged that there were 'excesses' within India, such as spreading lies, that needed to be overcome.
Modi’s remarks have been met with criticism from opposition parties. The Congress party claimed that the GDP growth rate presents a distorted picture of India’s economy, as it does not reflect the 'decidedly depressed private investment sentiment'. Jairam Ramesh, a party leader, said that the prime minister's celebration was premature and referred to Modi describing the country’s growth as a 'herculean feat'.
Source:
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