Global conditions need swift change: PM Modi in Netherlands
What's the story
Prime Minister Narendra Modi has called for "swift change" in global conditions, citing numerous challenges humanity is currently facing. Speaking at a community event in The Hague, Netherlands, PM Modi said that whenever India succeeds, the entire humanity benefits from it. He emphasized the need for immediate action to prevent the reversal of past achievements and a return to poverty for many.
Global issues
'This decade increasingly disastrous for world'
PM Modi pointed out that the world is reeling under a series of new challenges, including the coronavirus pandemic, wars, and an energy crisis. He said these issues are making this decade increasingly disastrous for the world. "If these conditions are not changed swiftly," he warned, "the achievements of many past decades could be undone."
Collaborative efforts
India-Netherlands partnership
Despite the challenges, PM Modi praised the collaborative efforts between India and the Netherlands in building a future-ready supply chain. He said their partnership is focused on creating a trusted and transparent supply chain to withstand global shocks. This comes as both countries look to strengthen economic ties amid uncertain global conditions.
Austerity call
PM Modi's voluntary austerity measures
Before his European tour, PM Modi had urged Indians to adopt voluntary austerity measures. Speaking in Hyderabad, he advised working from home when possible, curbing foreign travel for vacations and weddings, and reducing gold purchases. He also called fuel conservation a form of "patriotism," advocating for public transport use and carpooling.
Economic impact
Fuel prices hiked by ₹3 a liter
On May 15, state-owned oil companies hiked petrol and diesel prices by ₹3 a liter after four years. In Delhi, petrol now costs ₹97.77 per liter while diesel is priced at ₹90.67 per liter. Industry leaders have warned that this hike will affect household expenses and freight rates across sectors due to inflationary pressures on input costs in agriculture and manufacturing.