Ashwini Vaishnaw reiterates PM Modi’s call to cut gold purchases: 'Do whatever best you can'

Union Minister Ashwini Vaishnaw on Monday reiterated PM Modi’s call to step down spending on imports and help the country save foreign exchange. This comes as the Middle East conflict is showing no signs of cooling down and its impact ripples through global economy.Speaking at the CII Annual Business Summit 2026 in New Delhi, minister Vaishnaw said that recent developments in the conflict made it clear that peace was still some distance away, and that every Indian could play a role in protecting the country’s economic interests."Since the war is still going on, and yesterday's developments, we all know that truce is still far away...We, as citizens, as our Prime Minister has asked all of us, we can reduce our expenditure on everything that requires foreign exchange to be spent. In our lives, we can identify what we can do to preserve the foreign exchange. Simultaneously, we must also earn more and more foreign exchange. Both things have to go in parallel," Vaishnaw said.He added that saving foreign exchange should begin with everyday choices, whether by individuals, businesses or industries, and urged people to act within their own capacity."I'll request all of you to take cognisance of the Prime Minister's call to the nation and within your own means, within your own enterprises, within your own businesses, try to do whatever best you can," he said.Vaishnaw also highlighted fuel spending as one of the key areas where the country could reduce foreign exchange outflow."Our foreign exchanges can be conserved, for example, our expenditure on diesel, petrol, any expenditure which can have implications on foreign exchange, we should try and conserve," he said.Earlier, at a rally in Secunderabad, PM Modi had urged citizens to cut down on edible oil consumption, choose public transport, car-pooling and electric vehicles, and shift towards natural farming to reduce import dependence and conserve foreign currency.His remarks come at a time when the Middle East conflict continues to intensify, with disruptions in the Strait of Hormuz adding further pressure to global energy supplies. The conflict has now stretched beyond 70 days, straining the world’s energy flow.