1 hr ago
Vembu explains Modi's appeal to conserve India's foreign exchange
Prime Minister Narendra Modi asked people to reduce some spending abroad.
This included foreign travel, buying gold and holding weddings overseas.
Sridhar Vembu said the goal is to save India’s foreign currency.
India still imports energy and advanced technology.
A growing economy can need even more of these imports.
Vembu compared this strategy with countries in East Asia.
He said India is trying to build more technology at home.
He added that renewable-energy skills and greater independence could make this saving less necessary later.
Sridhar Vembu said Prime Minister Narendra Modi’s call targeted foreign-exchange conservation.
Modi urged people to limit foreign travel, gold purchases and overseas weddings.
Vembu said India’s economic growth increases demand for imported energy and advanced technology.
He compared the approach with East Asian economies that conserved foreign exchange while building domestic capabilities.
Vembu said energy independence and advanced-technology competence could eventually reduce the need to conserve foreign exchange.
- Who
- Prime Minister Narendra Modi and Zoho co-founder Sridhar Vembu.
- What
- Modi appealed to people to curb foreign travel, gold purchases and overseas weddings; Vembu explained the appeal as a foreign-exchange conservation measure.
- Where
- New Delhi; Vembu made the comments in a social media post.
- When
- Wednesday, according to the report.
- Why
- India remains dependent on imported energy and advanced technology, while economic growth increases demand for those imports.
Key facts
- Speaker
- Sridhar Vembu, Zoho chief scientist and co-founder
- Appeal
- Curb foreign travel, gold purchases and overseas weddings
- Objective
- Conserve foreign exchange
- Economic growth cited
- 7.8 per cent
- Import dependence
- Energy and advanced technology
- Long-term goal
- Develop advanced technologies and renewable-energy capabilities domestically
Quotes
Sridhar Vembu
Zoho chief scientist and co-founder
“Once we gain competence in all the advanced technologies, and achieve energy independence through renewable energy that we develop the technology for, we would no longer need to conserve foreign exchange”
thehansindia.com
“If economy is growing at 7.8 per cent why is the PM asking us not to travel abroad, not to buy gold, not to have foreign weddings etc”
thehansindia.com
Sources
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