PM Modi again urges Indians to cut imports and conserve foreign exchange
Rising crude oil prices and Hormuz disruptions increase pressure on India's economy
Government pushes self-reliance, lower fuel use and delayed gold purchases
Prime Minister Narendra Modi on Monday renewed his call for collective national efforts to reduce import dependence and strengthen India's role in global supply chains, while urging citizens to avoid unnecessary spending of foreign currency amid growing global uncertainty.
Speaking at an event in Vadodara against the backdrop of the ongoing Middle East conflict and volatility in global energy markets, the Prime Minister said India must use the current disruptions as an opportunity to accelerate self-reliance and domestic manufacturing.
1 May 2026
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"We are continuously working to make India a major participant in global supply chains," Modi said, stressing that India should emerge stronger from the present global crisis.
The Prime Minister appealed to citizens to support the government's efforts by consciously reducing import dependence and avoiding activities that involve large foreign exchange outflows.
"We must take all efforts to reduce the use of imports and avoid personal activities that involve spending foreign currency," he said.
Calls For National Responsibility
Drawing parallels with earlier national crises and wartime periods, Modi said Indians had historically shown unity and responsibility whenever the country faced major economic or geopolitical challenges.
"Whenever India faced war or any major crisis, citizens fulfilled their responsibility on the government’s appeal. We need to do the same now," he said.
The Prime Minister noted that India spends "lakhs of crores" in foreign exchange every year on imports, even as global supply chains remain under severe stress due to geopolitical tensions and rising commodity prices.
"Just as every drop fills a pot, every small and big effort matters," Modi said, urging citizens to reduce the use of imported products in their daily lives and avoid unnecessary foreign expenditure.
He added that soaring global prices and disrupted trade routes have increased pressure on India’s economy and external accounts.
Fuel Saving, Gold Buying Appeal Repeated
The Prime Minister also reiterated his appeal for reduced fuel consumption, encouraging citizens to use public transport, car-pooling and electric vehicles wherever possible.
He once again urged people to postpone non-essential gold purchases, particularly amid rising concerns over foreign exchange outflows linked to bullion imports.
The repeated appeals come as the government closely monitors the impact of the Iran conflict and disruptions in the Strait of Hormuz on oil prices, shipping routes and global trade flows.
India, which imports a large portion of its crude oil requirements, remains vulnerable to prolonged spikes in energy prices and supply disruptions.
The government has increasingly focused on strengthening domestic manufacturing, reducing import dependency and expanding India's role in global supply chains as part of its broader economic strategy.
