Dear MEL Topic Readers,
Modi urges Indians to WFH and limit foreign travel as Iran war
continues
The effects on economies caused by the war in Iran and the choking of
the Strait of Hormuz have been significant, especially for Asian countries, whose
over 80% of oil and gas imports come through the strait. Prices of oil
products, such as gasoline, diesel, and jet fuel, skyrocketed and raised the
cost of running businesses and traveling. Also, the shortage of oil products is
so severe that some transportation services, including airlines, taxis, and deliveries,
have been reduced or suspended. To cope with the prolonged shortage, Sri Lanka,
for example, is rationing fuel and running public services like schools and government
services on a four-day work week. Recently, the Prime Minister of India, the
world’s most populous country, spoke to its people to conserve the use of oil products
by austerity measures, including working from home, using public transportation
instead of driving cars, and reducing foreign travel. He even called for “patriotism”
by living daily lives responsibly to conserve fuel use because India imports
90% of its oil. When import bills rise, the currency exchange rate becomes
weaker and the cost of living increases. Inflation or austerity?
Read the article and learn about Modi’s call for austerity measures to 1.4
billion people.
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