The central government is considering emergency action to protect foreign exchange reserves. According to a Bloomberg report, amid the impact of the US-Israel-Iran war and rising oil prices, the government may consider increasing fuel prices for petrol and diesel. According to a TOI report, the objective is to control the impact of rising oil prices and reduce pressure on foreign exchange reserves. The report states that discussions have taken place between officials from the Prime Minister’s Office (PMO), Finance Ministry, and RBI. However, no final decision has been taken on these proposals yet. Meanwhile, on Monday, the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia was held under the chairmanship of Defence Minister Rajnath Singh. It was stated that despite rising global prices, oil companies are bearing losses of approximately ₹1,000 crore daily to prevent burden on common people. There is no shortage of petroleum products in the country Ministers related to petroleum, railways, civil aviation, fertilizers, ports and science were present in the meeting. It was informed that India has a stock of crude oil and gas for 60 days, while there is a stock of LPG for 45 days. People do not need to panic or crowd at petrol pumps. According to officials, the country’s foreign exchange reserve position is also strong and stands at $703 billion. Government is considering limiting gold-electronics imports According to Bloomberg’s report, the government is also looking at measures to limit non-essential imports like gold and consumer electronics. The report states that imports of these items could be banned or controlled, although no final decision has been made on this yet. PM appeals for second consecutive day – Use less petrol-diesel PM Narendra Modi on Monday appealed to people for the second consecutive day to use less fuel and resources. He said that wherever possible, reduce the use of petrol and diesel and use metro, electric buses and public transport. In Vadodara, Modi said that just as the country together faced the Corona crisis, the country will emerge from the current crisis as well. I would tell Indians living abroad to bring at least five foreign guests to tour India. He said that a lot of the country’s money also goes abroad on gold imports. Until the situation normalizes, we should postpone buying gold. There is no need for gold. Modi also appealed to reduce the consumption of cooking oil. He said that a large amount of foreign exchange is also spent on the import of edible oil. If people use less cooking oil, it will benefit both the country and the city.
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