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NIFTY23,4060.33%
SENSEX74,3460.41%
BANKNIFTY54,1860.88%
NIFTY IT29,3845.57%
PHARMA24,0870.33%
AUTO26,0930.05%
FMCG48,1241.01%
METAL13,5350.17%
REALTY762.601.39%
ENERGY40,1970.02%

India's Economic Crisis: Zoho to Reconsider Remote Working Amid PM Modi's Appeal

In response to Prime Minister Narendra Modi's call to action on Sunday, Sridhar Vembu, founder and CEO of Zoho, announced that the company will reconsider its remote working policy. The Prime Minister had urged Indians to revive working from home, limiting petrol and diesel consumption, and using public transport such as metro amid the ongoing crisis in West Asia.

Zoho, which has offices in Chennai, Tenkasi, Noida, Bengaluru, Kolkata, Mumbai, and Renigunta, had recently adopted a work-from-office policy. However, in light of the Prime Minister's appeal, the company will revisit its remote working policy. Vembu expressed support for the Prime Minister's call, stating that the company has adopted natural farming on its farm and is actively exploring ways to reduce diesel usage.

Supporting Small Vendors During Work-from-Home Periods

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

As the company plans to revisit its remote working policy, an X user asked Vembu how Zoho would support small vendors, including canteen operators, tea stalls, and snack sellers, who rely heavily on office footfall for their livelihood. Vembu responded that the company always supports its canteen staff and drivers during work-from-home periods. In the past, Zoho has used its kitchens to distribute free food to the needy around its offices, and the company plans to do the same this time as well.

Background on PM Modi's Appeal

Prime Minister Modi made the appeal on Sunday while addressing a BJP rally in Hyderabad. He urged Indians to adopt cost-cutting measures, including avoiding gold purchases, postponing foreign travel, and working from home, as the country faces the economic impact of the ongoing Iran-US conflict and rising crude oil prices. With global crude oil prices above $105 a barrel, Modi emphasized the need for India to conserve foreign exchange reserves and reduce fuel consumption.

Key Statistics

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Quarter/YearCrude Oil Price (USD/Barrel)
Current (2023)$105
Pre-Crisis (2022)$70
Lowest Recorded (2020)$30

The ongoing war in West Asia has disrupted the Strait of Hormuz, one of the world's most crucial oil shipping routes, raising fears of long-term supply shortages. Modi's remarks came after Donald Trump rejected Iran's latest peace proposals, intensifying concerns over inflation and energy security worldwide.

Investor Takeaway

Zoho may reconsider its work-from-office policy in response to Prime Minister Modi's appeal.

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