Prime Minister Narendra Modi urged cabinet colleagues to cut unnecessary spending, including reducing petrol use and limiting foreign travel. He also reportedly trimmed his own convoy size to conserve resources and ease the country’s import burden. The government clarified this is “wise spending, not austerity”, with no cuts to capital expenditure or welfare programmes.
Facing concerns about a widening import bill and pressure on foreign exchange reserves, government sources said there are currently no plans to restrict international card usage or increase import duties on precious metals like gold. The clarification comes amid heightened attention on forex stability, but officials indicate no immediate policy tightening for outbound spending or gold inflows.
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Pakistan’s oil import bill has surged to $800 million from $300 million amid rising crude prices and ongoing global supply chain disruption. The energy shock threatens costs and stability as import spending spikes faster than relief measures can offset. With volatility in global markets continuing, Pakistan faces mounting pressure on its energy budget and broader economic balance.
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