Indian Finance Minister defends Modi's plan to implement austerity policies

Golden Ten Data reported on May 25 that India's finance minister defended Prime Minister Modi's call for austerity measures during the war in Iran. "The Middle East crisis is not merely a diplomatic or geopolitical issue. For businesses and ordinary people, it may mean higher fuel costs, cargo delays, more expensive transportation, raw material shortages, working capital pressures, and uncertainties in export orders," said Finance Minister Sitharaman. "The Prime Minister's appeal is particularly important in this context." This month, Modi made the rare move of publicly urging the public to reduce fuel consumption and avoid non-essential travel to help conserve foreign exchange reserves. The opposition then criticized this austerity policy, arguing that it suggested the economy was under even greater pressure than official data indicated. Rahul, the opposition leader in the lower house of parliament, called this move "an admission of failure."