Modi Calls for Reduced Fuel Use and Gold Imports

Prime Minister Narendra Modi appealed to Indians to revive working from home, buy less gold, limit foreign travel, use public transport and carpool as the economic fallout from the war in Iran intensifies. He made the remarks at a public event in the southern city of Hyderabad on Sunday. Modi stated that the austerity measures would reduce India's fuel use and help save foreign exchange.

India imports 90 percent of its oil, and its crude bill has seen a multi-billion dollar spike since the US and Israel's war on Iran began. The Strait of Hormuz has remained shut for more than two-and-a-half months. "Patriotism is not only about the willingness to sacrifice one's life on the border.

In these times, it is about living responsibly and fulfilling our duties to the nation in our daily lives," Modi said. " Modi urged people to use public transport such as the metro and suggested carpooling to conserve fuel. He also asked farmers to reduce fertiliser use by half and asked Indians to stop buying gold for a year.

Analysts described Modi's appeal as the most drastic so far. The benchmark Sensex index fell more than 1,000 points in early trade on Monday. The Indian rupee has hit record lows in recent weeks. India has so far avoided raising petrol and diesel prices at the pump despite mounting pressure on state-run fuel retailers.

Hundreds of thousands of jobs are at risk in factories that make glass and plastic products and tiles. Dwindling fertiliser supplies have raised concerns about lower farm produce and higher food prices. The gold jewellery industry in India is nearly $100 billion and could be badly hit by the call to halt purchases.

The war in Iran and the choking of the Strait of Hormuz has affected economies across the globe, especially in Asia. The International Energy Agency has described it as the largest supply disruption in history. China ordered its oil refineries to stop exporting fuel for the time being.

Some Australian states have made public transport free or slashed fares by half. The Philippines declared a national emergency in March. Sri Lanka introduced fuel rationing and temporarily turned to a four-day week, shutting down schools, colleges and other government institutions on Wednesdays.

Modi urged Indians to buy less gold and skip foreign trips. France 24 reported that with India having to pay more to import oil due to the Iran war, the prime minister hopes that holding off on buying the precious metal will protect the country's trade balance.