To strengthen the country’s economic foundation and reduce pressure on foreign exchange reserves, Prime Minister Narendra Modi has urged citizens to limit the use of four major imported items: crude oil, gold, vegetable oils, and fertilisers.
This appeal comes after data showed that India spent $240.7 billion (over ₹20 lakh crore) on importing these four items alone in the financial year 2025–26. This accounts for about 31% of the country’s total import bill.
The largest share of this spending goes to crude oil, which alone costs $134.7 billion. Rising global oil prices, driven by conflicts in West Asia, are putting significant pressure on India’s economy. Gold imports have also surged to a record $72 billion, adding further strain. Vegetable oil imports stood at $19.5 billion, while fertiliser imports reached $14.5 billion. In 2021, total spending on these four categories was just $112 billion, showing that costs have more than doubled in five years.
Speaking at an event in Hyderabad, the Prime Minister asked citizens to support efforts to reduce consumption in these areas. He suggested promoting electric vehicles and public transport to cut petrol and diesel use, reducing fertiliser consumption in agriculture by up to 50% while shifting towards solar-powered pumps, and postponing non-essential gold purchases for a year.
He said that in times of global uncertainty, individual choices by citizens can help strengthen India’s foreign exchange position and improve overall economic stability.
