Modi's 7 appeals could trim $37.8B in forex — jewellery, travel, fuel demand in crosshairs
Brickwork Ratings models $37.8B in FY26 forex savings if PM's nudges land: $7.2B from lower gold buying, $13.4B from fuel restraint, plus pullbacks in foreign travel. Swadeshi push lifts domestic brands; jewellers, airlines and outbound tourism face demand drag.
What happened
Brickwork Ratings estimates PM Modi's seven appeals — including curbing gold purchases, foreign travel and fuel use while pushing Swadeshi and natural farming —
Key facts
- $37.8 billion savings
- ₹3.59 lakh crore
- ₹95/USD
- $13.4 billion oil savings
- $7.2 billion gold savings
- $72 billion FY26 gold import bill
Why this matters
Scout bolt-on targets in domestic D2C, Indian-made lifestyle, and import-substitution categories while pressure-testing any pending deals tied to gold retail, foreign travel, or fuel-driven consumption for valuation downside.