After Modi's call, stocks of Indian jewelry manufacturers and airlines fell

Glonghui, May 11 — After the Indian Prime Minister delivered a speech, Narendra Modi suggested measures to mitigate the economic impact of the Middle East crisis. Modi called on the public to reduce fuel consumption and avoid unnecessary travel. The Iran war has led to a rise in oil prices, which may expand India's import expenditure and intensify pressure on foreign exchange reserves. He also urged the public to postpone non-essential gold purchases, cut down on overseas travel, and promote the adoption of work-from-home practices popularized during the COVID-19 pandemic. US President Trump vetoed Iran’s latest proposal, resulting in the actual closure of the vital Strait of Hormuz and further dampening market sentiment.