Desk: Prime Minister Narendra Modi issued one of his strongest warnings yet on the state of the global economy. Addressing the Indian diaspora in the Netherlands, he said that decades of progress made in the fight against poverty are now under serious threat if the world’s growing crises are not addressed immediately. He stated that the world is facing new challenges. The remarks came during an event held as part of the second leg of his five-nation European tour.
Following the attacks on Iran by the United States and Israel, PM Modi described the current decade as a “decade of disasters.” He said that first came the COVID-19 pandemic, then wars, and now an energy crisis. According to him, this decade is turning into a period of major global calamities. He gave a clear warning about the consequences of inaction, saying that if these situations are not changed quickly, the achievements of the past several decades could be washed away, pushing a large section of the world’s population back into poverty. These comments came amid growing economic concerns in India, West Asia, and other parts of the world.
A few days before his European tour, while speaking in Hyderabad, Prime Minister Modi appealed to Indians to adopt certain practices. He urged people to work from home where possible, limit foreign travel, and reduce gold purchases. He described saving fuel and conserving foreign exchange as acts of patriotism. He also encouraged greater use of public transport, carpooling, and reduced fertilizer consumption. Recalling the COVID period, he noted that work-from-home had become common at that time, and the government now sees this shift as an important tool.
PM Modi said that people should consume only what is necessary so that foreign exchange reserves can be protected and the effects of the ongoing war crisis can be minimized. On May 15, after four years without any increase in retail fuel prices, state-owned oil companies — Indian Oil, Bharat Petroleum, and Hindustan Petroleum — raised petrol and diesel prices by ₹3 per litre. In Delhi, petrol prices rose to ₹97.77 per litre and diesel to ₹90.67 per litre. Prices in other parts of the country were even higher depending on local taxes.