Prime Minister Narendra Modi asked Indian citizens to work from home and stop buying gold to conserve foreign exchange during a global oil crisis.
These measures aim to stabilize the national economy as the conflict between the U.S. and Iran disrupts energy markets. By reducing the demand for imported petroleum and precious metals, the government seeks to mitigate the financial impact of rising costs in West Asia.
Speaking in Hyderabad, Modi said the public should prioritize work-from-home methods similar to those used during the COVID-19 pandemic [1]. He said that adopting these practices would significantly reduce the consumption of petrol and diesel [2].
Beyond transportation, the Prime Minister addressed the impact of imports on India's financial reserves. He said citizens should avoid the purchase of gold for one year [3]. This request is part of a broader effort to limit the outflow of foreign currency while the global energy market remains volatile.
Modi also said there should be a reduction in the use of cooking oil [1]. The combination of lower fuel consumption and decreased gold imports is intended to shield the domestic economy from the external shocks caused by the Iran-U.S. war [3].
The appeal emphasizes a collective national effort to manage resources during a period of geopolitical instability. The Prime Minister said that these temporary lifestyle changes are necessary to maintain economic resilience.
“Avoid the purchase of gold for one year”
This appeal signals a shift toward austerity measures to protect India's foreign exchange reserves. By targeting gold and fuel—two of the largest import categories—the government is attempting to manage its current account deficit to prevent a currency devaluation triggered by the energy crisis in West Asia.
