Ashwini Vaishnaw Backs PM Modi's Call to Cut Oil Use, Save Forex

Speaking to ANI on the sidelines of the CII Annual Business Summit in New Delhi, Vaishnaw said the country must focus on conserving foreign exchange by reducing avoidable expenditure on imports such as diesel and petrol.

"Our foreign exchange can be conserved. For example, our expenditure on diesel, petrol and any expenditure that has implications on foreign exchange should be reduced wherever possible," Vaishnaw told ANI.

Calling upon industries and citizens to contribute towards economic stability, the Minister stressed the importance of boosting exports while reducing dependence on imports wherever possible.

Addressing the CII Annual Business Summit 2026, Vaishnaw said India is undergoing a massive transformation in rail infrastructure, electronics manufacturing, semiconductors and digital technologies, positioning itself as a major global economic and industrial power.

Highlighting the unprecedented scale of railway expansion over the last decade, the Minister said the government has added 36,000 kilometres of railway tracks and electrified 49,000 kilometres in the last ten years -- a figure that exceeds the total rail network of Germany.

He noted that railway capital expenditure has witnessed a sharp rise, increasing from around Rs 66,000 crore a few years ago to nearly Rs 2,72,000 crore in the last financial year.

"Railway CAPEX has increased from about Rs 66,000 crore a few years ago to about Rs 2,72,000 crore in the last financial year. The capacity of the entire industry and the Railway Department to execute projects at this scale has also grown simultaneously," Vaishnaw said.

The Minister stated that the Dedicated Freight Corridor was completed on April 5 and is now supporting nearly 480 trains daily, significantly improving logistics efficiency across the country.

Referring to the Union Budget announcements, Vaishnaw said seven new high-speed rail corridors will redefine regional economies and connectivity, with an estimated investment of nearly Rs 16 lakh crore. He said the new corridors will drastically reduce travel time between major economic centres.

According to the Minister, travel time from Mumbai to Ahmedabad will come down to just 1 hour and 57 minutes, while Mumbai to Pune will take only 58 minutes. Pune to Hyderabad is expected to be covered in 1 hour and 55 minutes, Hyderabad to Bengaluru in 2 hours and 8 minutes, Chennai to Hyderabad in 2 hours and 55 minutes, and Bengaluru to Chennai in just 78 minutes.

He further said the northern and eastern corridors will transform mobility across densely populated regions, with Delhi to Lucknow expected to take just 2 hours, Varanasi to Patna 2 hours, and Patna to Siliguri another 2 hours, bringing the total travel time from Delhi to Siliguri down to nearly 6 hours.

Vaishnaw also highlighted major improvements in railway safety, stating that the last financial year was the safest in the 150-year history of Indian Railways, with accidents reduced by nearly 90 per cent.

Speaking about India's manufacturing growth, the Minister said smartphones emerged as India's largest exported commodity last year, replacing diesel exports for the first time. He added that the government is now focused on making India fully self-reliant in electronics and information technology manufacturing.

On semiconductors, the Minister said India already has two factories under commercial production, while a third semiconductor plant will begin production in July and a fourth by December. He added that work on 12 semiconductor factories is currently in progress, marking a major step towards building a strong domestic chip ecosystem.

Vaishnaw said the government is also aggressively promoting data centres and digital infrastructure. He referred to Prime Minister Narendra Modi's policy announcement exempting data centres from taxation till 2047, which he said has encouraged nearly USD 200 billion in investments.

"We are very focused on data centres. Till 2047, we are not putting any tax on data centres. That decision is very important for our country," the Minister stated.

In the field of Artificial Intelligence, Vaishnaw said job opportunities are growing by 15-20 per cent annually and noted that Google has agreed to manufacture AI servers in India, further strengthening the country's technology ecosystem.

- ANI