Modi urges belt tightening with 7 steps amid rupee slide
With the economy under pressure, PM Modi is encouraging everyone to tighten their belts.
In a Hyderabad speech, he recommended seven steps: skip foreign trips for a year, use less imported fuel and fewer fertilizers, choose public transport or carpooling, work from home if you can, and avoid splurges like destination weddings or buying lots of gold.
The goal? Help steady the rupee (which dropped 12.5% against the dollar) and deal with rising oil prices.
India tourism shift dents markets
India's latest tourism statistics show more people are traveling abroad while fewer tourists are visiting India, meaning less foreign money coming in.
Outbound travel jumped nearly 6%, but foreign tourist arrivals dropped over 9%.
This has hit markets hard: earnings from visitors fell by over 10%, Sensex slid by more than 2,700 points in just two days, and stocks tied to travel and luxury spending have taken a hit.
Basically, Modi's message is about pitching in together until things stabilize.