Truce Far Away, Cut Forex Spending: Vaishnaw Backs Modi’s Appeal
New Delhi: Union Minister Ashwini Vaishnaw on Monday urged citizens and businesses to reduce expenditure that requires foreign exchange while working to earn more forex for the country, amid continuing tensions in West Asia.
Addressing the CII Annual Business Summit 2026 in New Delhi, Vaishnaw said recent developments have made it clear that a “truce is still far away.”
Referring to Prime Minister Narendra Modi’s recent appeal to the nation, the minister said citizens should identify ways to preserve foreign exchange in their daily lives.
He stressed that conserving foreign exchange alone would not be enough and said India must also increase earnings through exports, services, and businesses that bring money into the country.
“Since the war is still going on, and yesterday’s developments, we all know that the 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,” Vaishnaw said.
“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,” he added.
The West Asia conflict has escalated into a direct confrontation between Israel and Iran, with the Strait of Hormuz emerging as a key flashpoint. Global oil prices have surged amid reports of Iran reviewing a US proposal for a truce while facing a blockade of its ports.
According to Iranian state media, Tehran’s proposal includes demands for compensation for war damage and recognition of Iranian sovereignty over the Strait of Hormuz. However, US President Donald Trump reportedly termed the proposal “totally unacceptable.”
Vaishnaw reiterated Prime Minister Modi’s appeal and called on businesses and individuals to contribute “within their own means.”
“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.
Earlier on Sunday in Secunderabad, Prime Minister Modi urged people to reduce edible oil usage, adopt public transport, car-pooling and electric vehicles, and shift towards natural farming practices to reduce dependence on imports and save foreign currency.
Calling it a form of “economic self-defence,” Modi said patriotism today meant responsible living and mindful consumption in the face of global supply chain disruptions and rising fuel prices caused by the West Asia conflict.