PM Modi, Economic Advisory Council Discusses Measures to Accelerate India’s Economic Growth Amid War in West Asia | Today’s news
Prime Minister Narendra Modi on Saturday chaired a meeting with members of the Prime Minister’s Economic Advisory Committee amid the Iran war. According to an ANI report, the discussion focused on ideas and policy steps to boost India’s economic growth amid global instability. Participants also reviewed potential reforms aimed at improving both the ease of living and the ease of doing business in the country.
Members provided their views on the impact of the war in West Asia on India and the wider global economy. The meeting took place against a backdrop of continued geopolitical tensions, trade uncertainty and uneven economic growth around the world.
Prime Minister Modi’s appeal for austerity
Prime Minister Modi last month appealed to citizens to support the country’s economic stability by reducing dependence on imported fuels and adopting more sustainable practices, especially in the context of the war in West Asia.
He urged people to take measures to work from home where possible, reduce fuel consumption, avoid international travel for a year, promote Swadeshi goods, reduce consumption of edible oil, switch to natural farming practices and limit purchases of gold.
To help manage fuel price fluctuations, he also pushed for changes in traffic habits. He urged citizens to use public transportation such as the subway more often, share private vehicles through carpooling when needed, rely on rail for freight, and gradually introduce electric vehicles to reduce dependence on gasoline and diesel.
Economy of India
India’s economy beat market expectations in the fourth quarter of fiscal 2025-26, with real GDP expected to grow by 7.8% year-on-year. For the full fiscal year, according to official data released on June 5, growth is expected to be 7.7%, the report said.
At constant prices, real GDP for Q4 FY26 is estimated at ₹87.77 million crores, more than ₹81.40 crore in the same quarter of the previous year. Nominal GDP for the quarter is estimated at ₹94.65 million crowns, which represents an increase of 9.1%.
For the entire fiscal year 2025–2026, real GDP is assumed to be ₹323.12 crore as compared to the revised estimate ₹299.89 crore in FY25, representing a growth of 7.7%. Nominal GDP for the year is estimated at ₹346.36 million crowns, which represents an increase of 8.9% compared to the previous year.
Gross value added (GVA), another important indicator of the economy’s performance, is expected to grow by 7.9% in FY26, with nominal GVA rising by 9.1%. In the fourth quarter, real VAT rose by 7.9%, while nominal VAT rose by 9.9%.
The figures suggest that growth was mainly driven by the secondary and tertiary sectors. In FY26, the secondary sector is expected to grow by 8.8% at constant prices, while the tertiary sector is expected to grow by 9.3%.
The primary sector recorded a growth rate of 3.2%, with agriculture and fisheries providing the main support.
