Modi Urges Indians to Cut Gold Purchases and Fuel Use

Prime Minister Narendra Modi has appealed to Indians to stop buying gold for a year, revive working from home, limit foreign travel and use public transport to ease pressure on the country's foreign exchange reserves. The requests, made at a public event in Hyderabad on Sunday, also include a call for farmers to cut fertilizer use by as much as 50 percent.

Modi said the austerity steps would reduce fuel consumption and help the economy weather a surge in global energy prices caused by the continuing crisis in the Middle East. India imports 90 percent of its oil. Its crude import bill has risen sharply since the Strait of Hormuz, a key chokepoint for tanker traffic, was shut for more than two-and-a-half months.

More than 40 India-bound vessels, nearly half carrying energy products, remain trapped near the strait, according to officials. "In the current situation, we must place great emphasis on saving foreign exchange," Modi said. " >"Patriotism is not only about the willingness to sacrifice one's life on the border.

" — Narendra Modi, May 10 2026 (BBC News) The measures echo restrictions used during the Covid-19 pandemic. Modi urged people to carpool, take the metro and avoid non-essential foreign trips. The government has so far avoided raising petrol and diesel prices at the pump despite mounting pressure on state fuel retailers.

Indian markets reacted immediately.

The benchmark Sensex index fell more than 1,000 points in early trade on Monday, with analysts citing Modi's remarks as one factor amid fears of prolonged disruption. The rupee has hit record lows in recent weeks, increasing the cost of imports and adding to inflation pressure.

In the financial year that ended March 31, India spent $174.9 billion on crude oil and refined products and another $72 billion on gold imports. Oil prices climbed further on Monday, with Brent crude exceeding $103 per barrel and West Texas Intermediate near $100.