Indian Prime Minister Narendra Modi has a new ask for the world's largest democracy: Tighten belts for the sake of the economy. Days after big state-election wins, Modi urged Indians in a national address on Sunday to cut back on fuel use, skip overseas vacations, and even stop buying gold for a year, framing the actions as a patriotic response to an economy strained by the war in Iran and a weakened rupee. He pushed farmers toward solar pumps, office workers toward remote work and online meetings, and electric-vehicle owners to actually drive them while oil supplies are squeezed by disruptions in the Strait of Hormuz, the New York Times reports.
Nearly 85% of the fuel India uses is imported, CNBC reports. About half of its crude imports, 60% of its liquefied natural gas, and almost all of its liquefied petroleum gas move through the strait—or did before the war. India has so far shielded consumers by letting state oil firms absorb losses reportedly topping $175 million a day and by widening budget deficits, but analysts say the government is nearing a tipping point at which some voluntary steps could become mandatory. Some of the actions would help conserve foreign currency reserves, Modi said.
Modi has a track record of calling for public sacrifice—including during 2016's banknote shock and the pandemic lockdowns—and often surviving the political fallout, per the Times. This time, with gold making up nearly 9% of imports, he's signaling that even a cherished wedding staple may be on the chopping block if his appeals don't work. Shares of Indian jewelry companies fell by as much as 10% on Monday.
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