Top industry leaders back PM Modi’s economic appeal

New Delhi: Top industrialists on Monday backed Prime Minister Narendra Modi’s call for austerity and economic self-reliance amid global uncertainty triggered by the ongoing conflict in West Asia, saying the measures were aimed at strengthening India’s resilience and protecting foreign exchange reserves.

TVS Motor Company Chairman Venu Srinivasan endorsed the PM Modi’s emphasis on self-reliance and prudent consumption at a time of heightened global volatility.

Meanwhile, Bharti Enterprises Chairman Sunil Bharti Mittal also supported the prime minister’s remarks, describing the current phase as a moment for India to ‘double down’ on economic discipline and domestic strength.

In addition, the chief economic adviser at State Bank of India said PM Modi’s appeal was focused on safeguarding India’s foreign exchange reserves rather than imposing any form of rationing.

The reactions came after Prime Minister Narendra Modi, addressing a BJP public meeting at the Parade Grounds in Secunderabad on Sunday, urged citizens to conserve fuel, revive work-from-home practices, limit non-essential purchases and avoid overseas vacations in order to help India navigate economic challenges arising from the ongoing geopolitical tensions in West Asia.

“In the present circumstances, saving foreign exchange has become equally important for the nation,” PM Modi said.

Highlighting India’s dependence on imported fuel, PM Modi stressed that reducing fuel consumption would help save valuable foreign exchange reserves at a time when global energy prices were rising sharply.

He also pitched for restoring digital work practices adopted during the COVID-19 pandemic such as remote working, virtual conferences and online meetings.

“During the pandemic, we successfully adapted to work-from-home systems and virtual meetings. We should once again prioritise these practices in the national interest,” he said.

PM Modi further appealed to citizens to avoid non-essential foreign travel, destination weddings and overseas holidays, while encouraging domestic tourism and celebrations within the country.

He also urged people to defer non-essential gold purchases for the next year to ease pressure on forex reserves and advised households to reduce edible oil consumption, saying it would benefit both economic stability and personal health.

Separately, Praveena Rai, MD & CEO of Multi Commodity Exchange of India Ltd (MCX) stated that the bullion segment remained a standout performer for the exchange in FY26, with headline numbers doubling year-on-year.

According to her, bullion, energy and metals continued to contribute strongly to overall growth, while daily transactions touched 2 billion this quarter.

IANS