Finance Ministry Calls for Austerity and Electrification Amid Economic Concerns

The Finance Ministry has called for public sector banks and financial institutions to implement immediate austerity measures and transition to electric vehicles. This directive follows Prime Minister Narendra Modi's recent appeal for economic strengthening through measures like judicious fuel usage and deferred consumption of gold and foreign travel.

A circular from the Department of Financial Services instructs public sector entities to minimize travel costs and adopt electric vehicles. Additionally, all meetings and reviews should be conducted via video conferencing unless absolutely necessary for physical presence.

Prime Minister Modi emphasized reducing petrol and diesel consumption to conserve foreign exchange amid the West Asia conflict, advocating for expanded use of public transportation, carpooling, and remote work. The Finance Ministry's push for austerity aligns with these national goals to enhance economic stability.

(With inputs from agencies.)