India, Oct. 6 -- The developments in the West Asia region are now impacting the Indian economy directly due to increasing costs of oil, a weakening rupee, rising costs of transport and logistical issues. MSMEs are being impacted the most in this context, as small businesses operate with lower margins and cash flows.

Recently, Prime Minister (PM) Narendra Modi asked citizens to cut down on unnecessary expenditures such as excessive fuel usage, purchasing gold, extravagant expenses, and foreign travel. However, many citizens misinterpreted this directive. It does not mean that citizens should stop spending altogether. The Indian economy is based on consumption, and without any spending by citizens, businesses will be affected negatively. ...