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A calibrated demand deflation
Hindustan Times Ludhiana
|May 12, 2026
The PM's advice on consumption reflects the economic pain inflicted by the war in West Asia
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When the war in West Asia started on February 28, India was preparing for elections in four states and a Union Territory.
The entrenched populism in India’s policy response ruled out any significant action to mitigate the war’s economic pain. Now that the elections are over, the economic policy response to the war and its unprecedented supply shock is back on the table.
Speaking in Telangana on Sunday, Prime Minister (PM) Narendra Modi hinted at what is coming when he asked people to voluntarily reduce their consumption of petrol-diesel and foreign exchange (which is what buying less gold and taking fewer foreign trips entails).
This story is from the May 12, 2026 edition of Hindustan Times Ludhiana.
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