Prime Minister Narendra Modi appealed to Indian citizens to limit gold purchases and reduce the consumption of petrol and diesel [1].
These measures aim to shield the Indian economy from the volatility of crude oil prices and supply disruptions caused by escalating geopolitical tensions in West Asia involving the U.S., Iran, and Israel [2].
In a speech delivered April 24, 2026 [1], Modi said there were seven distinct appeals to the public and the corporate sector [2]. Among these requests was a call for citizens to avoid non-essential foreign travel to preserve foreign exchange reserves [2].
Modi said companies should adopt work-from-home policies to lower the overall demand for fuel [2]. The Prime Minister emphasized the need for national cooperation to mitigate the impact of rising energy costs, a move that reflects the vulnerability of India's energy imports to regional conflicts [2].
Market reactions to the appeals have been mixed. While the government seeks a collective reduction in consumption, some reports indicate that the calls for austerity have met with mockery during roadshows [2]. Despite this, the administration said that curbing the purchase of gold and the use of fossil fuels is necessary to maintain economic stability during the current crisis [2].
“Modi appealed to citizens to limit gold purchases and avoid non-essential foreign travel.”
India's heavy reliance on imported crude oil makes its economy hypersensitive to instability in the Middle East. By calling for a reduction in gold imports and fuel consumption, the government is attempting to manage its current account deficit and dampen inflationary pressures without relying solely on fiscal policy or subsidies.
