📈 Austerity Measures in India Amid Global Energy Crisis

Indian Prime Minister Narendra Modi has called for nationwide austerity to safeguard foreign exchange reserves as the Middle East conflict drives Brent crude to US$ 105.33 per barrel (+3.99%). • Energy Security: Citizens urged to revive "Work From Home" (WFH) and curb fuel use. India imports 85% of its oil, with nearly 50% of crude and 60% of LNG passing through the now-restricted Strait of Hormuz. • Forex Protection: The government has requested a pause on gold purchases and a reduction in overseas travel to minimize the impact of a multi-billion-dollar uptick in the national import bill. • Market Impact: West Texas Intermediate (WTI) rose 4.64% to $99.85. The closure of the Hormuz chokepoint—which handles 20% of global supply—continues to pressure Asian economies. • Economic Context: These measures aim to stabilize the currency and protect reserves as India faces skyrocketing energy costs due to the Iran war.