Economy, Banking and Finance · 12 May 2026

Prime Minister (PM) Narendra Modi urges fuel conservation and reduction in foreign exchange expenditure

Exam-focused facts from the 12 May 2026 current affairs briefing.

Key facts

  • Prime Minister (PM) Narendra Modi urged the adoption of work-from-home arrangements and virtual meetings to curb petrol and diesel consumption amid global instability in West Asia.
  • The PM advised postponing foreign travel, overseas vacations, and destination weddings for at least a year to conserve foreign exchange reserves.
  • The PM requested a temporary reduction in non-essential gold purchases and urged farmers to reduce chemical fertiliser use by 50 percent.
  • India is investing in alternative energy sources including solar power, ethanol blending, Compressed Natural Gas (CNG) transport systems, and piped gas infrastructure.
  • In Telangana, the PM inaugurated or laid foundation stones for the four-laning of National Highway-167 on the Hyderabad-Panaji Economic Corridor, railway multi-tracking on the Kazipet-Vijayawada route, development projects in the Zaheerabad Industrial Area, and a Greenfield Petroleum, Oil and Lubricants terminal in Hyderabad.
  • The PM inaugurated the PM MITRA Park in Warangal, which is the country's first fully operational PM MITRA textile park.