Narendra Modi urges citizens to reduce fuel, gold, and fertilizer use to curb India’s $174.9 billion annual oil import bill.
Indian Prime Minister Narendra Modi asked citizens to conserve fuel, work from home, and limit travel to reduce foreign exchange outflows. The appeal targets India’s $174.9 billion annual spending on crude oil and refined product imports amid rising global prices.
Modi also urged farmers to cut fertilizer use by up to 50% and discouraged gold purchases, both major contributors to India’s import bill. The country’s oil import costs have surged due to geopolitical tensions and supply constraints.
No immediate market reaction was reported, but the measures aim to ease pressure on India’s trade deficit and currency reserves.