New Delhi: Industry leaders don't see any signs of panic in Prime Minister Narendra Modi's remarks about cutting back on expenditures that could be reduced, such as fuel, foreign travel and gold. On the contrary, they pointed to his reflections as a message for the country to be more self-reliant and move towards moderating types of consumption that could raise India's import bill and have an impact on currency reserves and exchange rates.
"Generally, things are looking very, very good, but there are situations that develop which are beyond anybody's control," Bharti Enterprises chairman Sunil Bharti Mittal said. The West Asia crisis is "creating a tremendous pressure on global economies, and India is no different in that aspect", he said.
