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Global Business News

The Economic Times

Global Business / The Economic Times

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State Banks & insurers told to cut global travel, switch to EVs in austerity push

Government financial institutions are implementing austerity measures. State-run banks and insurance companies must cut foreign travel for executives. Meetings will increasingly use videoconferencing. There is a push to replace petrol and diesel vehicles with electric cars. These steps align with Prime Minister Modi's call for reduced fuel consumption and address global supply challenges.

19 May 2026 1:29 am