New Delhi: No proposal is currently being considered to mandate work-from-home arrangements for the IT sector, after Prime Minister Narendra Modi’s appeal for reduced fuel usage to tackle the fuel price surge, government sources clarified, as per reports.
The IT industry has largely adopted hybrid work models since the pandemic, and hence, no formal directive is being considered, an NDTV Profit report cited the sources as saying.
Further, policy decisions related to mandatory remote working fall under the purview of the Labour Ministry, they said, adding that “nothing is in the works currently”.
PM Modi had urged citizens to conserve fuel, revive work-from-home practices, limit non-essential purchases and avoid overseas vacations in order to help India navigate economic challenges arising from the ongoing geopolitical tensions.
Highlighting India’s dependence on imported fuel, PM Modi stressed that reducing fuel consumption would help save valuable foreign exchange reserves at a time when global energy prices were rising sharply.
PM Modi appealed to citizens to avoid destination weddings and overseas holidays, while encouraging domestic tourism and celebrations within the country.
RBI Governor Sanjay Malhotra said that if the Middle East conflict continues, India may be forced to raise petrol and diesel prices due to the soaring cost of crude oil in the global market.
The RBI Governor highlighted that rising energy prices due to the Iran war are testing India’s flexible inflation targeting, necessitating potential policy intervention by the Reserve Bank. The central bank’s next monetary policy meeting is slated for June 5, when it will take a call on key interest rates, which it has left untouched to promote economic growth.
The Governor indicated that raising retail fuel prices is “a matter of time” if the West Asia crisis persists, which in turn would lead to an increase in transportation costs and inflation.
A report from Crisil Ratings said that Brent crude is expected to average $90 95 per barrel in FY27, roughly 32 per cent higher year on year.
(IANS)
