India Must Save And Earn Forex, Says Ashwini Vaishnaw Echoing PM Modi Appeal

Union Minister for Railways Ashwini Vaishnaw on Monday called on citizens and businesses to reduce unnecessary expenditure that leads to foreign exchange outflow, amid ongoing global economic uncertainty and India’s continued dependence on imported energy. Speaking at the Confederation of Indian Industry (CII) Annual Business Summit, he linked the appeal to Prime Minister Narendra Modi’s broader “clarion call” for economic resilience and self-reliance.

Vaishnaw noted that global conditions remain volatile, particularly due to geopolitical tensions and disruptions in energy markets. He pointed out that the Middle East conflict has contributed to fluctuations in fuel prices worldwide, affecting several economies. However, he said India has so far managed to maintain relative stability in domestic fuel prices due to policy measures, despite being significantly dependent on energy imports.

Emphasising the need for collective responsibility, the minister urged citizens to consciously identify areas in daily life and business operations where foreign exchange usage can be reduced. He said preserving foreign exchange was essential at a time when global uncertainties continue to impact supply chains and commodity markets. According to him, such efforts at the individual and enterprise level can contribute meaningfully to the national economy.

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Vaishnaw also stressed that conservation alone would not be sufficient, adding that India must simultaneously focus on increasing foreign exchange earnings. He said both saving and earning foreign exchange must go hand in hand, and encouraged businesses and individuals to adopt practices that strengthen India’s economic position globally. He added that Prime Minister Modi’s appeal should be taken seriously and translated into practical action within available means.

Referencing the Prime Minister’s address, Vaishnaw highlighted several suggested measures aimed at reducing foreign exchange outflow, including judicious use of petrol and diesel, increased adoption of public transport and electric vehicles, and promoting work-from-home where possible. He also mentioned calls to reduce discretionary imports such as gold purchases and foreign travel for a period, alongside encouraging the use of swadeshi products and natural farming practices. Concluding his remarks, the minister reiterated that India’s economic strategy must focus on resilience, efficiency, and self-reliance. He said coordinated efforts between citizens, industry, and government would help the country better navigate global challenges while strengthening long-term economic stability.

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