Daily Briefing: PM Modi renews austerity call amid forex concern, calls it ‘biggest crisis of this decade’
In today's edition: Vinesh Phogat exclusive interview, TMC under fire, and more
Top news on May 12, 2026. Good morning,
After leading the NDA to a sweeping victory in the Assam Assembly elections, Himanta Biswa Sarma is set to take oath as Chief Minister for a second consecutive term today. Alongside him, four ministers — Rameswar Teli and Ajanta Neog from the BJP, Atul Bora from the AGP, and Charan Boro from the BPF — will also be sworn in, reflecting the alliance’s caste, regional and coalition balance in the new Assam Cabinet.
On that note, let’s get to the rest of today’s edition. 👇
🚨 Big Story
“Biggest crises of this decade”
With no immediate end in sight to the conflict in West Asia, Prime Minister Narendra Modi on Monday once again urged citizens to revive several “Covid-era” habits, including work-from-home, virtual meetings, carpooling and reduced fuel consumption, warning that the geopolitical crisis could have serious economic consequences for India. Addressing a gathering in Vadodara, Modi described the conflict as “among the biggest crises of this decade” and cautioned that soaring import costs, disrupted supply chains and mounting pressure on foreign exchange reserves could deepen the country’s economic challenges. Calling for “small sacrifices” and “collective responsibility”, he appealed to people to postpone non-essential gold purchases and overseas travel, avoid destination weddings abroad, reduce cooking oil consumption, and support local products and domestic tourism to help curb imports and conserve foreign exchange.
India’s Forex Worries: Behind PM Narendra Modi’s repeated calls for austerity and the revival of “Covid-era” habits lies a growing concern over India’s shrinking foreign exchange reserves and rising import burden. Our Explained piece looks at how escalating crude oil prices, soaring gold imports and the prolonged conflict in West Asia are increasing pressure on the rupee and widening the current account deficit. With India heavily dependent on imported oil and gold, policymakers fear that continued geopolitical instability could further strain supply chains and foreign exchange reserves. It is in this backdrop that Modi has urged citizens to cut fuel consumption, postpone non-essential gold purchases and overseas travel, and prioritise local products and domestic tourism to help conserve dollars and limit external economic pressure.
⚡ Only in Express
After meeting Wrestling Federation of India (WFI) president Sanjay Singh in Gonda on Monday to secure entry into the Open National Ranking tournament, Vinesh Phogat was still denied participation when the federation issued her a show-cause notice on Saturday. Speaking to The Indian Express’s Nihal Koshie, the wrestler accused the WFI of functioning in a “dictatorial” manner and claimed those in power were afraid of her return to the mat. Vinesh, who is eyeing a comeback after the heartbreak of the Paris Olympics, said her 10-month-old son has become her biggest source of strength as she prepares for a long battle to keep alive her dream of competing at the 2028 Los Angeles Olympics.
📰 From the Front Page
TMC faces heat: Senior Trinamool Congress leader and former West Bengal minister Sujit Bose was arrested by the Enforcement Directorate (ED) in connection with the alleged municipal recruitment scam, becoming the first prominent TMC leader to be arrested since the BJP came to power in the state. The ED questioned Bose for over 10 hours and accused him of non-cooperation and inconsistencies in his statements. A powerful political figure in Bidhannagar, Bose had represented the constituency since 2009 before losing the recent Assembly election. Apart from his political influence, he is also known for organising one of Kolkata’s biggest Durga Puja celebrations.
Bihar bridge disaster: Months before a section of Bihar’s crucial Vikramshila Setu collapsed into the Ganga, warning signs about the bridge’s deteriorating condition had reportedly been raised and ignored. Videos showing damage near the bridge’s pillars and protective walls had surfaced earlier this year, triggering public concern, but officials maintained that the structure itself was safe and the damage was limited to temporary sections. The partial collapse near pillar number 133 earlier this month disrupted a key transport link connecting Bhagalpur, Seemanchal and the Kosi region, prompting the suspension of traffic and a government probe. The incident has once again raised serious questions over infrastructure maintenance and accountability in Bihar.
📌 Must Read
Rajasthan hospital horror: What should have been the beginning of new lives has turned into grief and fear for several families in Rajasthan’s Kota, where a growing maternal deaths crisis has raised alarming questions over healthcare standards. Days after two women died following childbirth complications, another 31-year-old mother, Pinky Mahawar, lost her life after undergoing a C-section at JK Lone Hospital. Several other women remain critically ill, with many developing severe complications, including kidney failure and dangerously low blood pressure after delivery. As devastated families allege negligence and delayed treatment, the Rajasthan government has widened its probe, sending specialist teams to investigate what went wrong inside the city’s hospitals.
Nashik TCS row: The fallout from the controversial Nashik TCS case has now reached an AIMIM corporator in Chhatrapati Sambhajinagar, with civic authorities moving to demolish a bungalow allegedly used to shelter the accused, Nida Khan, while she was absconding. The municipal corporation has issued notices to corporator Mateen Patel over alleged illegal constructions linked to his properties, warning of demolition action if violations are confirmed. Patel has already been named by police for allegedly helping Khan evade arrest. The case, which involves allegations of sexual harassment and religious coercion linked to a TCS BPO unit in Nashik, has sparked political and legal controversy in Maharashtra.
⏳ And Finally…
Ruchir Sharma warns: As the global race for dominance in artificial intelligence intensifies, investor and author Ruchir Sharma has warned that Asia and Europe risk being left behind unless they develop a coordinated strategy to counter the United States’ growing technological and economic edge. In a conversation with Anant Goenka, Sharma said the world was witnessing a “monomaniacal focus” on AI, with capital increasingly flowing towards countries leading in innovation and research. He cautioned that India is often viewed by foreign investors as an “anti-AI play” due to low spending on research and development, regulatory concerns and the challenges of doing business, even as he maintained that the country remains a strong long-term growth story.
🎧 Lastly, tune in to today’s episode of our 3 Things podcast, where we discuss the Hantavirus outbreak on a cruise ship, the journey of two Telangana girls set to represent India in sailing at the Asian Games, and why India’s defence establishment is pushing for indigenous AI systems.
That’s all for today, folks! Until tomorrow,
Anupama
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