New Delhi: Prime Minister Narendra Modi on May 10 used a rally in Hyderabad to make an unusually direct appeal to households: use petrol and diesel sparingly, rely more on public transport, avoid unnecessary foreign travel and shift to local products. He said the world was still reeling from the coronavirus-era supply chain crisis and the war in Ukraine, which had pushed up food, fuel and fertiliser prices. “Food, fuel, and fertilizer — all three were seriously affected,” he said, adding that India had spent years trying to manage the shock.
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Modi also pointed to the pressure on India’s import bill, saying the country had to bring in large quantities of petrol, diesel and gas from abroad and that the government was carrying the burden to shield consumers from global price rises.
The Prime Minister’s appeal went beyond energy use. He asked people to “save the foreign exchange” spent on imports and said even small changes in daily habits could help the country.
Among the examples he gave were using metro systems where available, carpooling, shifting goods transport to rail freight, and making greater use of electric vehicles. He also urged people to revive COVID-era work-from-home, online meetings and video conferences, saying those systems were developed during the coronavirus pandemic period and should again be used in the national interest.
Modi also made a pointed appeal against foreign spending. He said middle-class habits such as weddings abroad, foreign holidays and overseas travel should be postponed for at least a year during the crisis. On gold, he said families should avoid buying jewellery for a year to conserve foreign exchange.
The speech also carried a strong swadeshi message. Modi said Indians should buy Made-in-India goods and reduce dependence on imported products, adding that many everyday items used in homes were foreign-made without people even realising it.
He said the push for self-reliance should extend beyond consumer goods to agriculture and industry. He warned against steps that hurt India’s push for self-reliance, referred to the country’s shrinking copper surplus and said imported chemical fertilisers were hurting both the exchequer and the soil. He urged a reduction in fertiliser use and a shift toward natural farming.
On cooking oil, he said families should reduce usage by 10 percent, calling it both a patriotic and health-related step.
The speech came as Indian markets were already under pressure from rising crude oil prices and worsening West Asia tensions. Stocks fell for a third straight session on Monday, with the Sensex closing down 1,312.91 points, or 1.70 percent, at 76,015.28, after falling as much as 1,370.79 points during the day. The Nifty fell 360.30 points, or 1.49 percent, to 23,815.85.
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Over three sessions since May 7, the Nifty has fallen by more than 2 percent, or 515 points, while the Sensex has dropped by nearly 1,950 points, or 2.5 percent. Analysts said the market was rattled by rising crude prices after the US and Iran failed to reach a peace deal to end the war in West Asia, with US President Donald Trump dismissing Iran’s latest response as “totally unacceptable”.
Against that backdrop, Modi’s call to conserve fuel, curb import-heavy spending and buy local appeared to reinforce investor concerns around forex reserves, fuel costs and the consumption outlook.
