India's Prime Minister Narendra Modi has called on citizens to reduce their fuel consumption and hold off on buying gold, as rising energy costs and the Middle East conflict put pressure on the country's economy and foreign exchange reserves.
Modi urged people to avoid petrol and diesel consumption whenever possible, shun buying gold over the next year, work from home, and carpool to help ease the country's import bill, while addressing a public rally in the southern state of Telangana on May 10.
"It's hard for us to cut back on buying gold. In our culture, we buy gold during celebrations, whether they're small or big events. We buy jewelry," said one consumer.
Naresh Bansal, a business owner, commented on the policy's wider impact.
"The impact of this appeal will be felt by many industries like the gem and jewelry businesses, transport and tourism, and travel industries. But I think it's a good decision for the country. Compared to other countries, our government has kept inflation here under control even though we have been hearing about prices rising in other countries for some time now," he said.
India usually imported nearly 85 percent of its crude oil needs, and was one of the world's largest importers of gold.
Indian PM urges public to cut fuel consumption, curb gold purchases
