During a visit to Hyderabad, Prime Minister Narendra Modi outlined seven key recommendations for the public: avoid buying gold for one year; reduce dependence on chemical fertilizers; cut petrol and diesel consumption by using public transportation; prioritize work from home; limit edible oil usage; avoid foreign travel for a year; and use fewer foreign products in favor of Swadeshi.<\/p>\n
Based on his statement about the priority sectors. There is a need to consider the cause behind this. People would question whether the Indian economy is resilient to geopolitical escalation in Western Asia. Moreover, It may be hard to change the habits of people suddenly, but it is necessary to change in the background of the escalations of the geopolitical turmoil in Western Asia due to the USA and Israel\u2019s war against Iran. Consequently, the global economies are facing volatility and mounting stumbling blocks to global supply chains. Moreover, many countries are experiencing resource scarcity, and the prices of essential commodities have reached prohibitive levels.<\/p>\n
Amid geopolitical escalations, one can get into the basics of economics: according to the Oxford Dictionary, the economy means careful management of resources. In other words, economy means \u201ccareful spending of money, time, fuel, etc. trying to save, not waste something\u201d. It is a need of the hour to know the basic economic definitions. Economics is the study of \u201chow people, businesses, and governments make choices on allocating limited resources to satisfy their unlimited needs and wants\u201d. Prime Minister Narendra Modi’s statements to be viewed through an economic rather than a political lens. The growth and development of the world economy are driven by innovation and technological advancements. In the era of globalization, new innovations and technologies are reshaping traditional customs. In this way, over the years, people’s consumption patterns have changed from firewood cooking via gas to electric-based cooking, from using bicycles to using cars, etc. As a result, the Inputs or resources supplying countries are yielding massive economic gains.<\/p>\n","protected":false},"excerpt":{"rendered":"During a visit to Hyderabad, Prime Minister Narendra Modi outlined seven key recommendations for the public: avoid buying…\n","protected":false},"author":2,"featured_media":495483,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[143542,143539,79,143546,179,18,143537,143536,19,143545,17,361,143540,143533,143538,143532,143544,143534,143543,143541,143535],"class_list":["post-495482","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-android-magazine","tag-best-magazine","tag-business","tag-digital-magazines","tag-economy","tag-eire","tag-free-magazine","tag-free-magazines","tag-ie","tag-ipad-magazine","tag-ireland","tag-magazine","tag-magazine-subscription","tag-magazines","tag-magazines-for-smartphones","tag-magzter","tag-online-digital-magazine","tag-online-magazine","tag-online-pdf-magazine","tag-pdf-for-smartphones","tag-pdf-magazine"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116611622173048137","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/495482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=495482"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/495482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/495483"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=495482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=495482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=495482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}