Dr.M.
Veerappa Moily wrote to Prime Minister Manmohan Singh about plans to save over
$8.5 billion in foreign exchange this fiscal by increasing crude oil imports
from Iran, this is in response to Prime Minister’s call to the ministry seeking
$25 billion cut in oil import bill to narrow current account deficit.
Further, he stated that austerity measures have to be
taken without affecting economic activity. The "austerity measures"
are set to be announced shortly.
We have to try out these things. We are going through
difficult times. We need to discipline ourselves. People will have to tighten
their belt and some austerity measures have to be taken without affecting
economic activity. Such measures are already in place in many other
countries," said Petroleum & Natural Gas Minister Dr.M Veerappa Moily.
The ministry is also planning to launch a six-week
conservation campaign on saving fuel in major cities.
LET US SAVE FUEL AND SAVE OUR ECONOMY
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