'Need to save foreign exchange amid war crisis': PM Modi pushes for cut in fuel use & gold buying, favours WFH

HYDERABAD/NEW DELHI Amid global energy supply disruption, PM Narendra Modi on Sunday urged people to use public transport and revive work from home to reduce dependence on petrol and diesel - which largely come from imported crude - and conserve foreign exchange by avoiding overseas weddings and vacations as well as unnecessary gold purchases.

The suggestions, seen as the most drastic call by PM, at an event in Hyderabad come as the blockade of the Strait of Hormuz nears 75 days with govt tapping multiple sources to procure oil and gas, whose supplies have been hit, pushing up crude prices for Indian refiners for the the third straight month. So far, oil companies have not raised pump prices but are expected to do so over the next few days.

While several countries have resorted to WFH and other options to reduce fuel consumption, apart from increasing fuel prices, India has so far avoided such steps. In recent months, high energy and gold and silver prices have pushed up India's trade deficit as export growth has also moderated.

Modi asked people to avoid non-essential gold purchases for a year and put off unnecessary foreign travel, and called for bringing back Covid-era efficiency measures such as WFH arrangements in national interest. He also urged businesses to opt for moving goods by rail, and asked individuals to avoid unnecessary travel and car pool and use EVs.

"If we make a few small changes for a year, we can save substantial foreign exchange," he said.

Amid a hit to fertiliser supply, he also suggested that farmers halve the use of chemical fertilisers and shift to natural farming in some cases.

Reducing intake of cooking oil by 50% would improve health: PM Modi

PM invoked patriotism to argue that it is not just about one's life for the country but also about living responsibly and fulfilling duties towards the country during difficult times. He called for collective participation to help India face global economic disruptions, supply chain challenges and rising prices caused by international conflicts.

"Today, the need of the hour is to use petrol, gas, diesel and similar resources with restraint. We must use imported petroleum products only as needed. This will not only save foreign exchange but also reduce the adverse impact of war," he said. India imports nearly 90% of its crude requirement as domestic output has been shrinking. PM Modi proposed reducing cooking oil consumption by 50%, which, he remarked, would improve health.

Use EVs, solar-powered pumps, appeals PM Modi

PM Narendra Modi called for collective participation to help India face global economic disruptions, supply chain challenges and rising prices caused by international conflicts.

“Today, the need of the hour is to use petrol, gas, diesel and similar resources with restraint. We must use imported petroleum products only as needed. This will not only save foreign exchange but also reduce adverse impact of war,” he said. India imports nearly 90% of its crude requirement as domestic output has been shrinking.

The PM said his govt initially focused on achieving universal LPG coverage for the poor and was now expanding affordable piped gas connections across the country. “By using these resources wisely, we can save significant foreign exchange over the next year. Our govt is working tirelessly to navigate these challenges. In other countries, a bag of urea costs around Rs 3,000, but our farmers are getting it for just Rs 300,” he added.

Modi also asked people to support ‘Make in India’ products and choose Indian alternatives for everyday items such as toothpaste and pitched for the use of electric vehicles and solar-powered pumps as an alternative to diesel-operated ones. In another suggestion, Modi proposed reducing cooking oil consumption by 50%, which, he remarked, would improve health.