Indian Finance Minister Nirmala Sitharaman has cancelled her anticipated visit to Russia, a decision reportedly influenced by Prime Minister Narendra Modi's ongoing initiative to conserve foreign exchange reserves. The cancellation, reported on May 13, 2026, signals the government's commitment to reducing unnecessary foreign currency outflows, especially against the backdrop of global economic considerations.
PM Modi's Call for Prudent Spending
Days prior to the cancellation, Prime Minister Modi had publicly appealed for a national effort to lower fuel consumption, decrease reliance on imported goods, and curb expenditures on "foreign-currency-intensive services." This directive is part of a strategic push to manage India's economic resources more effectively.
Government sources clarified that the Prime Minister's appeal is not about imposing broad "austerity measures" or cutting public spending indiscriminately. Instead, the focus is on "spending more wisely" by actively reducing fuel consumption and avoiding non-essential foreign exchange expenditures.
Leadership Sets an Example
Demonstrating leadership, Prime Minister Modi himself has reportedly reduced the size of his convoy during recent official visits to states like Gujarat and Assam. He has also instructed officials to incorporate electric vehicles into his convoy where feasible, without incurring new purchase costs.
Nationwide Adoption of Conservation Measures
The Centre's forex conservation drive has prompted similar actions across various BJP-ruled states and among senior political figures:
- Uttar Pradesh: Chief Minister Yogi Adityanath has directed a 50% reduction in the number of vehicles accompanying him and his ministers.
- Madhya Pradesh: CM Mohan Yadav announced that his convoy would maintain only a minimum number of vehicles for security and urged ministers to follow suit.
- Delhi: CM Rekha Gupta has capped the use of official vehicles for ministers and MLAs, advocating for carpooling and public transport among residents.
- Rajasthan: CM Bhajan Lal Sharma similarly instructed officials to minimize convoy usage and avoid unnecessary security vehicles.
- Maharashtra: The state government has mandated that ministers seek prior approval from Chief Minister Devendra Fadnavis for official air travel.
On Sunday, Prime Minister Modi further urged citizens to contribute to the forex conservation drive by reducing petrol and diesel consumption, utilizing metro services and carpooling, adopting electric vehicles, and working from home wherever possible.