Forbes India
Prime Minister Narendra Modi has called for some austerity measures as the escalating crisis in West Asia threatens to weigh on the economy.Addressing a public meeting in Hyderabad on Sunday evening, the PM framed behavioural change as a matter of national security, targeting India’s largest import bills—fuel, gold and edible oil—to shield the economy from external shocks.Here’s everything he urged citizens to do.Fuel FixThe most immediate concern for India remains energy, with the country importing crude worth $134.7 billion in the financial year 2025-26 (FY26).Brent crude neared $105 a barrel on Monday as US President Donald Trump rejected Iran’s response to a peace proposal.But even as crude has continued to surge due to supply fears in the Strait of Hormuz, retail prices at Indian pumps have remained frozen, primarily because of state elections.State-run Oil Marketing Companies (OMCs) have so far largely absorbed the price hikes to keep inflation in check, but with these companies now incurring losses of about Rs30,000 crore a month, the strain may be reaching a tipping point.“Reduce your use of petrol and diesel, and use metros wherever they are available. If a car is unavoidable, use carpooling. Those who have electric vehicles (EVs) must use their green vehicles more,” said PM Modi.People must use the railways for goods trade, he said. Indian Railways had electrified about 99.2 percent of its network by November 2025. Also Read: What high oil prices mean for the energy transitionOther Big ImportsModi urged citizens to help conserve foreign exchange and outlined several ways to do that.On the boom in foreign travel and the destination wedding trend among the middle class, Modi said that people should postpone international travel for a year. “There is a lot in India to explore.”India’s appetite for foreign goods is under the microscope too. Invoking the “Swadeshi” movement, the PM urged Indians to avoid buying imported products where possible. While people should not get rid of anything foreign, any new purchases should be Indian, he said. “Make a list of all your daily-use items, figure out how many are foreign and try to include more Indian goods there.”Taking aim at gold, a cornerstone of household savings in India, Modi urged consumers to refrain from buying the precious metal during festivals for a year.Gold imports rose 24 percent to a record $72 billion last fiscal.With India importing over 50 percent of its cooking oil ($19.5 billion in FY26), the PM called for a 10 percent reduction in consumption, citing both national interest and public health.The PM also pushed for natural farming and a reduction in chemical fertilisers. India’s fertiliser imports surged 77 percent to $14.5 billion last fiscal.Fertiliser subsidies are a massive drain on the budget, particularly when the natural gas used to produce them is subject to the same West Asian price spikes as petrol.Return of WFHIn a move that will likely have a temporary impact on the commercial real estate sector, the PM advocated the return of the Covid-era digital shift.“During Covid, we developed measures like work from home, online conferencing, and virtual meetings, and we got used to this way of working. We have to once again give priority to these measures, that is the need of the hour,” Modi said.
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