New Delhi (HRNW) \u2013 Indian Prime Minister Narendra Modi has appealed to the public to reduce non-essential spending, including avoiding gold purchases, saving fuel, and cutting unnecessary expenses amid rising economic pressure linked to the ongoing Iran conflict.<\/p>\n
According to Indian media reports, Modi stated in national addresses and government meetings that the current global situation\u2014particularly the Iran war and disruptions around the Strait of Hormuz\u2014is directly impacting India\u2019s economy.<\/p>\n
He urged citizens to avoid buying gold for at least one year to help conserve foreign exchange reserves. India is among the world\u2019s largest importers of gold, and heavy imports continue to strain its external accounts.<\/p>\n
The Prime Minister further noted that fuel prices are rising due to India\u2019s heavy dependence on imported LNG, with nearly 90 percent of supplies reportedly passing through the Strait of Hormuz. He said tensions in the region and restrictions on maritime routes are worsening the energy situation.<\/p>\n
Modi also recommended reviving work-from-home practices to reduce fuel consumption and appealed to citizens to limit unnecessary purchases and spending. He additionally advised reduced use of cooking oil and suggested farmers decrease reliance on imported chemical fertilizers.<\/p>\n
Economic experts say that several Asian economies, including India, are facing mounting pressure due to surging global oil prices and instability in the Middle East.<\/p>\n