Seven appeals by the Prime Minister to spend less or defer can lead to saving of around $37.8 billion or around ₹3.59 lakh crore (forex rate ₹95 to a dollar), a report by Brickwork Ratings said on Thursday.
On May 11, PM Narendra Modi gave seven important appeals to strengthen India during challenging global times -- to prioritise work-from-home wherever possible, reduce fuel consumption, avoid foreign travel for a year, adopt Swadeshi products, cut down on cooking oil usage, move towards natural farming, and reduce unnecessary gold purchases. A collective spirit of responsibility can make India stronger and more self-reliant, he had said.
“The seven appeals pivot India towards proactive demand-side management, creating a $37.8-billion forex buffer to stabilise the rupee at Rs 95/USD and shield the fiscal deficit from $100+ oil shocks,” Manu Sehgal, CEO at Brickwork Ratings said. Further, this strategic shift builds the structural resilience necessary to decouple domestic growth from global commodity volatility across energy, trade, and agriculture.
According to the research report, out of $37.8 billion in foreign exchange, the highest savings come from the import of crude oil ($13.4 billion) and gold ($7.2 billion). On crude oil, it said work-from-home policies can reduce fuel consumption, while fuel conservation and greater use of public transport and electric vehicles can lower the oil import bill. “If oil stays over $100, cutting fuel taxes reduces revenue, while passing costs to consumers pushes inflation up. Voluntary demand reduction eases pressure on both fronts simultaneously,” it said.
Talking about gold, the report noted India’s gold import bill for FY2026 stood at $72 billion. “Reducing gold imports conserves foreign exchange reserves, which can then be redirected to manage the higher oil import bill, a direct and immediate macro dividend,” it said, while reminding that gold is ‘overvalued’ and that investors should exercise caution.
Similarly, paring unnecessary overseas travel helps conserve foreign exchange. Meanwhile, promoting natural farming and locally manufactured products aims to strengthen self-reliance, domestic manufacturing, and reduce reliance on global markets, critical during geopolitical turmoil.
However, the report cautioned that all these measures could also have some negative impact. While reduced foreign travel may hurt tourism and aviation, postponing gold purchases could affect jewellery sector jobs. Fuel conservation depends on infrastructure that remains uneven, especially in rural areas. “Natural farming may initially reduce yields, and swadeshi products could face resistance due to higher costs or quality concerns,” it said.
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Published on May 14, 2026