Austerity Measures

FinMin asks banks, FIs to cut travel costs, promote electric vehicle use

The Finance Ministry has asked state-owned financial institutions to curb travel spending, adopt virtual meetings, and progressively shift to electric vehicles

Can behavioural economics translate the PM's appeal into material outcomes?

Insights from behavioural economics suggest that an ambitious nudge can be effective if three conditions are met

Austerity and symbolism: Matching intent with action amid crises

Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows

Tripura govt implements 50% WFH rule for employees following PM's appeal

According to the memorandum, all Heads of Department (HoDs) have been directed to ensure that only 50 per cent of Group C and Group D employees attend office daily

After PM Modi's call, ministers, NDA chief ministers cut convoy size

Government says Prime Minister Narendra Modi's appeal focuses on prudent fuel use and reducing import dependence, not fiscal tightening or spending cuts

Delhi CM orders curbs on official vehicles after PM's austerity push

Responding to Prime Minister Narendra Modi's call for austerity in view of rising global fuel prices, Delhi Chief Minister Rekha Gupta on Tuesday announced limits on official vehicles used by ministers, MLAs and other public representatives, while also bringing herself under the restrictions. In a post on X, the chief minister said it had been decided to limit the number of vehicles used for official purposes. Gupta said that in line with the prime minister's appeal, she herself, her Cabinet colleagues, BJP MLAs, public representatives, officers and Delhi government departments would minimise the use of official vehicles based on necessity and prioritise carpooling and public transport. She also urged Delhi residents to adopt carpooling and make greater use of buses and Metro services instead of private vehicles in view of the prevailing global energy supply uncertainty. Gupta's appeal came after Prime Minister Narendra Modi called for measures such as promoting work from home, ...

PM Modi significantly reduces convoy size days after appeal for austerity

Prime Minister Narendra Modi has significantly reduced his convoy size, days after he made an appeal for austerity and urged the citizens to curb the use of fuel-driven vehicles. A downsizing in the prime minister's convoy was implemented in his recent domestic visits, official sources said. The reduction was done while maintaining essential security components as per SPG protocol. Modi's convoy size was cut in Gujarat and Assam, immediately after his speech in Hyderabad. Sources said the prime minister also asked for electric vehicles to be included in his convoy, where possible, without making new purchases. Amid the crisis in West Asia, Modi on Sunday made a push for austerity while addressing a rally organised by the Telangana BJP in Hyderabad. The prime minister suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of electric vehicles, utilising railway services for parcel movement, and working from home to conserve

PM Modi has held up a mirror to the country: Nilesh Shah, Kotak AMC

At the moment, markets are driven far more by global developments than domestic factors, Shah said. The biggest concern globally, he feels, is energy supply and energy prices.

CEC Kumar, EC Pandey give up perks, privileges as part of austerity measure

Seeking to set an example in austerity, Chief Election Commissioner Rajiv Kumar and Election Commissioner Anup Chandra Pandey on Friday decided to give up perks and privileges.

No return to austerity in new spending plan, says UK's Rishi Sunak

Says constructive Brexit deal will 'hopefully' come

IDFC First Bank seniors to forgo 65% of bonus amid Covid-19 crisis

V Vaidyanathan, managing director and chief executive, will take 30 per cent cut in his compensation, including fixed compensation as well as all allowances.

East-based banks kick in austerity measures, recovery drive to reduce cost

They're closing unviable branches, paring ad spends and hiring, while being cautious about credit growth