May 11, 2026 — Prime Minister Narendra Modi on Sunday urged Indians to cut fuel consumption, curb non-essential foreign travel and avoid buying gold for at least a year as part of a push to conserve foreign exchange amid economic disruption linked to the Iran war. Speaking in Hyderabad, he encouraged people to use public transport and electric vehicles, car-pool when possible, revive work-from-home practices adopted during the COVID-19 pandemic and limit purchases of imported goods.
Modi framed these appeals as measures in the national interest, saying reductions in petrol, diesel and edible oil use would help shield the economy while global energy and supply chains remain unsettled. He also suggested that postponing discretionary overseas trips, including destination weddings, could ease pressure on foreign reserves.
Government and market reaction
A government source told Reuters there are no current plans to raise import duties on gold and silver, despite speculation after the prime minister’s comments. The last major tariffs on gold imports were imposed in 2012–2013 to support the rupee.
The immediate market response was visible: major listed jewelry companies saw sharp share declines in early trading on Monday. Reported moves included Titan down about 6.4%, Kalyan Jewellers off 8.3%, Sky Gold down 12.2%, Senco Gold down 10.7% and PC Jeweller down roughly 5%.
Industry and political responses
Trade groups warned the appeal could carry economic costs. The All India Gem and Jewellery Domestic Council said more than 10 million jobs across artisans, workshop employees and retail staff could be affected if jewellery purchases fell sharply. The council’s chairman said discouraging bullion and coin purchases for investment could be defensible, but broad cuts in jewelry buying risk major employment and GDP impacts.
Opposition leaders seized on the speech to criticize the government’s handling of the crisis. Congress figures described the call for austerity as evidence of policy failure, urging Parliament to be convened and for the government to explain the circumstances that prompted the directives.
Other headlines
– Three people were arrested in connection with the fatal shooting of Chandranath Rath, an aide to West Bengal Chief Minister Suvendu Adhikari. Authorities said two suspects are from Bihar and one from Uttar Pradesh. The TMC has demanded a court-monitored CBI probe.
– A report and video feature highlighted Delhi’s black kites, showing how thousands of raptors persist in the city by exploiting feeding sites such as landfills and traditional feeding spots. Scientists are tagging young birds to study how they adapt to shrinking green spaces, extreme weather and urban pressures.
– Two Indian nationals who were crew members on the Dutch cruise ship MV Hondius, which experienced a hantavirus outbreak, were evacuated to the Netherlands. The Indian embassy in Spain said both were healthy and quarantined under local health rules.
– In state politics, actor-turned-politician Joseph Vijay took oath as Tamil Nadu’s new chief minister, ending weeks of uncertainty over the state’s government formation.
DW coverage note
This summary draws on live reporting and official statements to capture how Modi’s appeal and related developments are unfolding across markets, industry and politics in India.