According to an order examined by Reuters, India's finance ministry ordered state-run banks, insurers, and financial institutions on Monday to execute cost-cutting measures, such as severe travel restrictions and a gradual switch to electric vehicles.
The decree, which is a part of a larger austerity drive, will affect millions of workers nationwide as well as organisations like the State Bank of India, Bank of Baroda, and Life Insurance Corp of India.According to the Department of Financial Services' order, all meetings, evaluations, and discussions must take place via video conference unless in-person attendance is considered necessary.

It stated that top leaders of the businesses, such as chairpersons, managing directors, and chief executive officers, should minimise their foreign travel and, if feasible, attend international events digitally.
In addition, the government has requested that organisations expedite the use of electric vehicles.According to the directive, "all organisations may strive to replace the gasoline and diesel vehicles they hire in their head offices and branch offices with electric cars as far as possible."
The action comes after Prime Minister Narendra Modi urged officials to adhere to austerity and practice moderation in spending last week as the government prepares for the economic consequences of escalating international tensions.

With the Indian rupee already at historic lows and Asia's worst performer this year, a protracted Middle East crisis may stall development, fuel inflation, and strain the balance of payments.
In an attempt to reduce costs, a number of Indian governments have mandated that workers work from home two days a week.