India’s government has urged citizens to reduce fuel consumption and limit discretionary spending as rising global energy prices increase pressure on the country’s economy following the conflict involving Iran.
Speaking in Secunderabad, Prime Minister Narendra Modi encouraged greater use of public transport, remote working, and reduced petrol and diesel consumption to help conserve foreign exchange reserves.
“We must curb our use of petrol and diesel,”Modi said in a speech late on Sunday (10 May), “In cities with metro lines, we should decide to travel by metro only . . . We must also place a strong emphasis on saving foreign exchange, as petrol and diesel have become so expensive globally.”
Key developments include:
- India’s foreign exchange reserves have fallen 5% to around $690bn since the conflict began.
- The rupee weakened beyond 95 against the US dollar, becoming one of Asia’s poorest-performing currencies.
- Economists lowered India’s 2026 growth forecasts amid higher oil import costs and investor outflows.
- The government also urged reduced gold imports and fewer non-essential overseas trips.
India remains heavily reliant on Gulf energy imports, increasing concerns over inflation, currency stability, and economic growth.
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