‘No panic or fear, our economy based on strong fundamentals’: Gourav Vallabh

New Delhi, May 15 Prof. Gourav Vallabh, a member of the Economic Advisory Council to the Prime Minister (EAC-PM), on Friday criticised opposition leaders for trying to sow confusion about the Prime Minister's appeal for fuel conservation, saying the measures must be seen in the context of ongoing global economic disruptions and geopolitical tensions.

Speaking to IANS, Vallabh said, “There are three major geopolitical conflicts going on all over the world. The first is the West Asia conflict. The second is the Russia-Ukraine war, which has left a negative impact on European economies. And the third is the commodity price conflict between the US and China. Because of this, the supply chain of goods across the world has been disrupted. This disruption is affecting every country in the world... The Prime Minister has called for postponing the purchase of gold for a year. This is not a ban. You can buy it, but if possible, postpone it...”

He further said that shifting consumption patterns could strengthen the domestic economy.

“If smart substitution of forex-sensitive consumption is done through domestic production, then there is no problem... I am thinking 5-10 per cent, if it becomes 15-20 per cent, then there is no problem at all. So, no panic, no fear, no misleading information. No one should be misled by the misleading information given by some opposition leaders. The economy is based on strong fundamentals,” he said.

Highlighting India’s resilience in global trade, Vallabh added, “India’s foreign policy and the strength of the ‘Tiranga’ were evident when ships across the world were halted in the Strait of Hormuz, but ships carrying the Indian flag continued transporting gas and crude oil to Indian ports. India’s economy is resilient, and there is no issue of any kind.”

On the Prime Minister’s reported downsizing of his convoy, Vallabh said PM Modi leads by example. “Whatever the Prime Minister says, he first applies it to himself. First, he applied the ‘smart substitution of import-sensitive consumption’ to the things he uses. If the Prime Minister can travel with two cars, it becomes a benchmark,” he said.

He also urged citizens and political leaders to adopt similar practices. “I urge the opposition leader to travel in only one car. Why go to Oman or Muscat when you can visit Jaisalmer or Barmer? Why travel to Switzerland or Italy when you can go to Shillong or Keralam."

He further stated, “Some opposition leaders are trying to spread confusion. For two months, they have been claiming there’s a shortage of petrol and diesel. Did you face any inconvenience even once regarding petrol or diesel? Did you face any inconvenience with LPG cylinders?”

On PM’s call for work-from-home and public transport use, Vallabh said, “If we all take a pledge to use public transport once a week, work from home once a week, and hold virtual meetings once a week, we will not only strongly face the challenges brought upon the Indian economy due to these geopolitical conflicts, but we will defeat them completely. The Indian economy will not be affected by even one per cent.”

Calling it a national interest issue, he added, “I believe this is not a political issue; it is an issue of national interest. It involves 140 crore people... I urge all political parties, Rahul Gandhi, Asaduddin Owaisi, and Akhilesh Yadav, to lead by example. Use public transport, use the metro...”

Earlier, Prime Minister Narendra Modi had appealed to citizens to conserve fuel, use public transport, revive work from home, avoid non-essential goods purchases, and postpone overseas vacations to save foreign exchange amid global uncertainty triggered by conflicts in West Asia.

Addressing a public meeting organised by the BJP at Parade Grounds in Secunderabad, the Prime Minister had called for collective participation to help India navigate global economic disruptions, supply chain challenges, and rising prices caused by international conflicts.

He had emphasised that patriotism also means responsible consumption during difficult times, stating that saving fuel directly helps conserve foreign exchange spent on imports of petrol and diesel, reinforcing the need for collective national effort.

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