Avoid buying gold, work from home: PM Modi's 7 big appeals to cushion India from soaring energy costs amid Iran war
It is important to note here that the the prime minister was not making an address to the nation as he urged people to conserve fuel and save forex reserves.
Prime Minister Narendra Modi on Sunday urged citizens to follow a spate of measures to conserve energy as the peace negotiations between the US and Iran didn't yield with US President Donald Trump refusing to blink.
The direct impact of the war in West Asia on the people of India is surging crude oil prices. Although India has not passed the rising cost of petrol and diesel on to the consumers yet, the cost of commercial LPG cylinders have been hiked twice in the last two months.
"It is time for us to use petrol, diesel and gas with great care,” Modi said on Sunday while inaugurating projects in Hyderabad, Telangana. “We must make, efforts to use only as much as is needed to save foreign currency and reduce the adverse effects of the war,” he added.
Quick answers to key questions
PM Modi urged citizens to work from home to conserve fuel and save foreign currency. This measure aims to reduce the adverse effects of soaring crude oil prices on India's economy.
PM Modi made seven appeals including prioritizing work from home, avoiding gold purchases for a year, reducing petrol and diesel consumption, cutting cooking oil use, avoiding foreign travel, moving towards natural farming, and adopting Swadeshi products.
Citizens can reduce petrol and diesel consumption by using metro or public transport, adopting carpooling, and reviving work-from-home practices. These measures help save foreign currency and cushion the impact of rising energy costs.
Avoiding gold purchases and postponing non-urgent foreign travel are measures to help conserve foreign exchange reserves. This is crucial to strengthen the economy amidst the global crisis and rising fuel prices.
The Iran war has led to surging crude oil prices, directly impacting India's economy. PM Modi's appeals are aimed at conserving energy and foreign currency to mitigate these adverse effects.
It is important to note here that the the prime minister was not making an address to the nation as he urged people to conserve fuel and save forex reserves.
PM Modi's 7 Appeals
Here are seven big appeals made my PM Modi:
- Prioritise work from home wherever possible
- Avoid buying gold for one year
- Reduce petrol and diesel consumption; use metro or public transport
- Cut down the use of cooking oil
- Avoid foreign travel for one year
- Reduce dependence on chemical fertilisers and move towards natural farming
- Use fewer foreign products and adopt Swadeshi
With these measures, the prime minister seems to be drawing on its Covid-19 playbook such as working from home, online meetings and limiting travel to cushion the consumer from soaring oil prices.
Rising Prices
The Union government last week approved a credit guarantee plan with capital allocation of ₹181 billion ($1.9 billion) to help businesses and airlines cushion the impact of the war in Iran.
Modi also urged citizens to help conserve foreign exchange reserves by avoiding unnecessary overseas travel, vacations and weddings, opting for domestic tourism instead, and refraining from non-essential gold purchases for a year.
A 10% increase in crude prices could push up inflation by 50 basis points and pare growth by 15 basis points, the Reserbe Bank of India earlier said in a Monetary Policy Report.
The crisis has the potential to knock India off its growth trajectory. Although the government is sticking to its forecasts of 6.8%-7.2% for the fiscal year through March 2027, several economists have already started to downgrade their projections. While Goldman Sachs predicted 5.9% for 2026, Oxford Economics expected 6.2%, according to Bloomberg.
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