Indian Prime Minister Narendra Modi will visit five countries, including the United Arab Emirates and several European states, from 15–20 May, as rising oil prices driven by the Middle East conflict puts pressure on India’s foreign reserves, the Foreign Ministry said.
Modi will first travel to the UAE on Friday (15 May), before heading to the Netherlands, Sweden, Norway and Italy.
The visit comes after Modi called for austerity measures at home, including fuel conservation, reduced imports and gold purchases, as well as cuts in non-essential travel, in response to rising energy costs that are weakening India’s economic buffers.
Following his remarks, Indian equity markets fell, while the rupee recorded its sharpest decline in over a month, closing at a record low.
As a major net importer of energy, India remains highly exposed to higher oil prices, which risk widening its current account deficit, slowing economic growth and fuelling inflation.
In the UAE, Modi is expected to meet President Sheikh Mohammed bin Zayed Al Nahyan to discuss bilateral relations, with a particular focus on energy cooperation, alongside wider regional and international developments of mutual concern.
The European leg of the tour is aimed at strengthening trade and investment ties, building on momentum from a recently concluded India–EU trade agreement.
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