Union Minister Ashwini Vaishnaw appealed to citizens and businesses on Monday to reduce expenditure that involves foreign exchange, while simultaneously increasing earnings in foreign currency, as tensions in West Asia continue to affect the global economy.
Speaking at the CII Annual Business Summit 2026 in New Delhi, Vaishnaw noted that recent developments have demonstrated that a truce remains distant. He referenced Prime Minister Narendra Modi’s recent appeal to the nation, emphasising the need to conserve foreign exchange in everyday life.
“Since the war is still going on, and yesterday’s developments, we all know that the truce is still far away…We, as citizens, as our Prime Minister has asked all of us, we can reduce our expenditure on everything that requires foreign exchange to be spent. In our lives, we can identify what we can do to preserve the foreign exchange. Simultaneously, we must also earn more and more foreign exchange. Both things have to go in parallel,” Vaishnaw said.
The minister also stressed that conserving foreign exchange alone is insufficient. India needs to increase its earnings through exports, services, and businesses that bring money into the country.
The conflict in West Asia has intensified into a direct confrontation between the US-backed Israel and Iran, with the Strait of Hormuz becoming a critical battleground. Iran is reviewing a US proposal for a truce amid a significant blockade of its ports, with global oil prices rising sharply. Iran’s formal response includes demands for compensation for war damage and asserts Iranian sovereignty over the Strait of Hormuz. US President Donald Trump described Iran’s proposal as “totally unacceptable.”
Echoing Prime Minister Modi’s call, Vaishnaw urged businesses and individuals to contribute within their capacities. “I’ll request all of you to take cognisance of the Prime Minister’s call to the nation and within your own means, within your own enterprises, within your own businesses, try to do whatever best you can,” he added.
On Sunday in Secunderabad, Prime Minister Modi urged people to reduce edible oil consumption, adopt public transport, car-pooling, and electric vehicles, and shift to natural farming to decrease import dependence and save foreign currency.
Calling these measures a form of “economic self-defence,” PM Modi described patriotism today as responsible living and mindful consumption amid global supply chain disruptions and rising fuel prices caused by the West Asia conflicts.
thenewsmill.com