- Piyush Goyal defended PM Modi's call for citizen austerity amid global challenges
- PM Modi urged limiting overseas travel and leisure spending due to economic concerns
- Opposition criticized Modi's speech as hypocritical and proof of government failure
Union Commerce and Industry Minister Piyush Goyal responded to criticism of Prime Minister Narendra Modi's recent speech at the CII Annual Business Summit on May 12, 2026, saying that the government is giving the industry a necessary "wake-up call" in the face of global challenges.
PM Modi's recent call for citizen austerity, including limiting overseas travel, amid the US-Iran crisis, has drawn harsh criticism from opposition parties, who see it as a "hypocritical" action that conceals government incompetence and places the responsibility on residents. The directive was called "proof of failure" by Congress.
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Goyal's remarks defended the administration against criticism of its policies and the Prime Minister's calls for action, which some have considered pointless or excessively frequent, without specifically mentioning the opposition.
"Prime Minister's calls for action, which some have considered pointless, are simply frivolous comments," remarked Piyush Goyal. "What the PM said wasn't to stop business travel. He has talked about consumption and leisure expenditure."
"Please go all over the world for your business, spend money to get more money, FX and investments," Goyal said.
According to Goyal, "Prime Minister Narendra Modi is encouraging a shift toward conscious, sustainable consumption and restrained spending on leisure, such as foreign travel and destination weddings, amid current economic and energy challenges."
Emphasising that "no country has been successful or has become a developed country by being inward-looking," Piyush Goyal has actively pushed Indian companies and startups to tour the world, broaden their perspectives, and participate in international trade.
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Goyal addressed the pressing need to manage global volatility by concentrating on improving India's economic standing through targeted investment, increased foreign exchange (forex) reserves, and a "self-reliant" approach to supply chains.
Prime Minister Modi advised people to adopt austerity measures on Sunday, May 10, to conserve foreign currency reserves and reduce dependence on imports amid global economic difficulties stemming from hostilities in the Middle East.
In his speech in Hyderabad, he called for a one-year ban on unnecessary international travel and destination weddings, encouraged people to buy less gold, and promoted lowering the use of gasoline and diesel.
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