New Delhi: Deepak Shetty, the Chief Executive Officer (CEO) and Managing Director of JCB India, said that we should not waste resources just to create consumption, supporting Prime Minister Narendra Modi’s call to optimise spending.
Talking exclusively to News Edition in the national capital, the MD of JCB India further said that the PM’s call should be viewed in a broader perspective, adding that it is always prudent to control what can be controlled during unforeseen situations such as war.
"I think in any circumstances, very wise advice, you control the Controllables. And particularly in the geopolitical situation when things are changing every day, it is always wise to control what you can control," Shetty said.
When asked about the possible reduction in the consumption because of the the call to optimisation of spendings, JCB India head said, "I think we should not look at it in a very narrow perspective. We should look at a broad-based perspective. We are talking about efficiency, are talking about improvement, are talking about reducing waste. We should not waste to create consumption."
Earlier on Sunday, speaking in Telangana's capital Hyderabad, PM Modi appealed to curtail use of petrol and diesel to save forex, use public transport where possible, and car pool as much as possible amid the conflict in the West Asia.
Going further he added that we should conserve resources first and then explore how that energy can be effectively deployed to create greater value for the country.
"We should conserve and then see how we can deploy the energy to create more for the country," he told News Edition.
Speaking on the impact of the West Asian crisis on the economy, Shetty said the challenges are short-term, but there is no need to worry about the long term due to the resilience of the Indian economy.
"In the short term there will be some challenges but long term I think India's economy is growing so I don't think we should be too much worried about the short term. We should look for the long term," JCB India head stated.
Current status of petroleum products and forex
The government on Monday shared a fresh update on current situation of the petroleum products and level of forex. Defense Minister Rajnath Singh updated the Informal Group of Ministers that the country has a stock of 60 days of crude oil, 60 days of Natural Gas and 45 days of liquid petroleum gas (LPG).
During the meeting, it was informed that the foreign exchange reserves stand at a comfortable 703 billion US dollars. India is the world’s third-largest oil refiner and fourth-largest exporter of petroleum products, exporting to over 150 countries and meeting domestic demand in full.
Consumption trends in Indian economy
The Indian economy is characterized by a significant shift toward discretionary spending. According to the Asian Development Outlook 2026, household consumption has benefited from lower income tax and GST rate rationalization. It further noted sharp moderation in inflation has significantly boosted real purchasing power.
Another PMC 2026 report highlights that about 28% of Indian households now report regular expenditure on restaurants or eating out, with states like Chandigarh and Delhi leading the trend.
Consumer Spending in India increased to Rs 27184.53 billion in the third quarter of 2025 from Rs 27167.23 billion in the second quarter of 2025, data released by Ministry of Statistics and Program Implementation (MoSPI). The consumer spending in India averaged Rs 18996.06 billion from 2011 until 2025, reaching an all time high of Rs 28433.68 billion in the fourth quarter of 2024 and a record low of Rs 11272.93 billion in the third quarter of 2011.
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