Modi urges Indians to cut gold, fuel, edible oil buys for a year, favour Swadeshi
PM's consumption advisory lands mid-festive season, pressuring jewellery, fuel retail, FMCG and outbound travel categories. Gold imports hit $72B (+24%), edible oil $19.5B, with 10% cooking oil cut urged. OMCs bleeding Rs 30,000 cr/month as Brent nears $105.
What happened
Government of India · PM Modi urged Indians to curb gold, fuel, edible oil purchases and overseas travel for a year, and favour Swadeshi goods—a consumption
Key facts
- $134.7 billion crude imports FY26
- Brent ~$105/barrel
- Rs 30,000 crore/month OMC losses
- 80% oil imported
- 99.2% rail electrification
- $72 billion gold imports (+24%)
- $19.5 billion edible oil imports FY26
- 10% cooking oil cut urged
- $14.5 billion fertiliser imports (+77%)
Why this matters
Accelerate sourcing diversification and local-supplier M&A in edible oils and jewellery inputs to hedge a multi-quarter consumption advisory that could harden into procurement policy.