Indian PM urges people to buy less gold and live more frugally

As the war in Iran drags into its third month with no clear end in sight, Indian Prime Minister Narendra Modi is asking Indians to tighten their belts in ways not seen since the pandemic, the BBC writes.

Work from home if possible, he urged. Avoid unnecessary foreign travel. Buy less gold. Consume less fuel.

The appeal, delivered at a public event in Hyderabad on Sunday, carried echoes of the Covid years, when the prime minister relied on symbolic mass participation to rally the country around a national cause.

This time, the collective mission is economic survival: save dollars. Unsurprisingly, the message sent a wave of panic across India’s financial markets.

India’s vulnerability is straightforward.

The country imports roughly 90% of its crude oil and half its gas needs. With the Strait of Hormuz – the narrow Gulf chokepoint through which much of the world’s oil flows – shut for more than two months amid the war, India’s import bill has ballooned by billions of dollars.