New Delhi [India], May 11 (ANI): With the ongoing West Asia tension continuing to cast uncertainty over the global economy, Union Minister Ashwini Vaishnaw on Monday urged citizens and businesses to reduce expenditure that requires foreign exchange while working to earn more forex for the country.

Addressing the CII Annual Business Summit 2026 in New Delhi, Vaishnaw said recent developments have made it clear that a 'truce is still far away.'

Referring to Prime Minister Narendra Modi's recent appeal to the nation, Vaishnaw said citizens must identify ways to preserve foreign exchange in daily life.

Additionally, the minister stressed that conserving foreign exchange alone would not be enough. He added that India also needs to increase earnings through exports, services and businesses that bring money into the country.

Vaishnaw said, 'Since the war is still going on, and yesterday's developments, we all know that the truce is still far away...We, as citizens, as our Prime Minister has asked all of us, we can reduce our expenditure on everything that requires foreign exchange to be spent. In our lives, we can identify what we can do to preserve the foreign exchange. Simultaneously, we must also earn more and more foreign exchange. Both things have to go in parallel. '

The West Asia war has escalated into a direct, intense confrontation between the US-backed Israel and Iran, with the Strait of Hormuz becoming a key battleground. Developments include Iran reviewing a US proposal for a truce amid a major blockade of its ports, while global oil prices have surged. Iran submitted a formal response to the US proposal to end the fighting. According to Iranian state media, Tehran's proposal includes a demand for compensation for war damage and an emphasis on Iranian sovereignty over the Strait of Hormuz. US president Donald Trump on Sunday (local US time) however, characterized Iran's proposal as 'totally unacceptable.'

Vaishnaw echoed the Prime Minister's appeal, calling businesses and individuals to contribute 'within their own means.'

'I'll request all of you to take cognisance of the Prime Minister's call to the nation and within your own means, within your own enterprises, within your own businesses, try to do whatever best you can,' he added.

Earlier on Sunday in Secunderabad, Prime Minister Modi had urged people to reduce edible oil usage, adopt public transport, car-pooling and electric vehicles, and shift towards natural farming practices to reduce dependence on imports and save foreign currency.

Calling it a form of 'economic self-defence,' PM Modi said patriotism today meant responsible living and mindful consumption in the face of global supply chain disruptions and rising fuel prices caused by West Asia conflicts. (ANI)