Delivering one of his starkest warnings about the state of the global economy, Indian Prime Minister Narendra Modi told the Indian diaspora in the Netherlands that decades of hard-won progress against poverty stood at serious risk if the world's surging crises were not urgently reversed. In light of the ongoing conflicts, particularly in the oil-rich West Asian region after the US and Israel's attacks on Iran, Modi described the present decade as a period of cascading catastrophe.
"The world is dealing with new challenges," he said, speaking at a community event in The Hague during the second leg of his five-nation European tour.
He also issued a warning about the consequences of inaction.
“First came the corona(virus) pandemic; then wars began to break out, and now there is an energy crisis. This decade is turning into a decade of disasters for the world,” he explained, speaking in Hindi.
“If these situations are not rapidly changed, he said, “achievements of the past many decades would be washed away, and a huge section of the world's population would be pushed back into poverty".
Before embarking on his European tour, while speaking in Hyderabad, PM Modi called on Indians to adopt voluntary austerity measures, urging them to work from home wherever possible, limit overseas travel, and reduce purchases of gold.
Recalling the Covid pandemic times, he underscored that remote work had become normal during that period, and the government now views such behavioural changes as short-term demand management tools.
“We must make efforts to use only as much as is needed to save foreign currency and reduce the adverse effects of war crises,” he said.
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