“Modi should involve leaders of all parties in the decision-making process on matters of national interest for the welfare of the country,” NCP-SP chief Sharad Pawar said. File | Photo credit: PTI
Nationalist Congress Party (SP) leader Sharad Pawar on Tuesday (May 12, 2026) warned that Prime Minister Modi’s appeal for austerity measures indicated a long-term impact on India’s economy and called for an all-party meeting to discuss the instability caused by the conflict in West Asia.
“Given the sudden nature of Prime Minister Narendra Modi’s announcement, the economy is likely to face far-reaching effects, creating an atmosphere of unease among citizens, the industrial and commercial sectors and investors,” said Mr. Pawar, also a former chief minister of Maharashtra.
He demanded that Mr. Modi convene an all-party meeting under his own chairmanship, given the “seriousness” of the matter. “He should involve leaders from all sides in the decision-making process on matters of national interest for the welfare of the country,” Mr Pawar wrote on X.
PM Modi’s call for cuts
Two days ago, at an event in Hyderabad, Mr. Modi appealed to citizens to cut back on fuel, gold and cooking oil because of the conflict in West Asia.
He also recommended that the central government prioritize greater sensitivity and consult leading economists and industry experts to manage the emerging instability.
Maharashtra Navnirman Sena (MNS) chief Raj Thackeray also questioned Mr Modi’s recall, pointing to the impact on foreign institutional investment.
“Investors have been pulling money out of Indian markets all the time. Estimates suggest that nearly ₹ 1.5 crore has left in the last few months,” he added.
Referring to the financial crises of 2008, 2011 and 2013, Mr. Thackeray said, “Crude oil is around $90-100 per barrel today. This is not the first time the world has seen such prices. When prices were high in the past, the BJP never aggressively attacked the UPA to stop foreign fuel prices. Manmohan, S.
“When oil prices dropped to $60-65 per barrel, why did citizens pay high prices for gasoline and diesel. The government made millions of crowns from fuel taxes. Where did that money go?” he asked.
Maharashtra Chief Minister Devendra Fadnavis backed PM Modi. He said that India is better off compared to neighboring countries. “In Pakistan petrol prices have reached 450 per litre. PM has created a stable environment.”
Published – 12 May 2026 23:22 IST
