'No need for panic buying': Govt reassures after PM Modi's austerity appeal over West Asia crisis

The government on Monday clarified that Prime Minister Narendra Modi’s recent appeal for restrained consumption amid the ongoing West Asia crisis was aimed at promoting judicious usage of resources and collective responsibility, and should not trigger panic buying among citizens.

The clarification comes a day after PM Modi made seven major appeals to citizens under the theme “Nation First, Duty Above Comfort”, urging people to adopt more self-reliant and economically responsible habits as tensions in Gulf continue to disrupt global supply chains and energy markets.

Government said that India currently has sufficient stocks of crude oil, petrol, diesel and LPG, and there is no immediate shortage of fuel or essential supplies.

It urged people not to create panic in the market and stressed that the Prime Minister’s message was intended to encourage responsible consumption during a period of global uncertainty.

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The ongoing conflict involving Iran and the continued closure of the Strait of Hormuz — a critical global oil shipping route — have pushed crude oil prices sharply higher and added pressure on import-dependent economies such as India.

The Indian rupee has also weakened significantly against the US dollar, making imports more expensive and increasing concerns over foreign exchange reserves.

Government said that the Prime Minister’s appeal focused on reducing unnecessary imports and conserving foreign exchange through small behavioural changes by citizens.

Among PM Modi’s seven appeals were calls to reduce petrol and diesel consumption by using public transport, metro rail services, carpooling and electric vehicles wherever possible.

He also encouraged work-from-home practices to reduce daily fuel usage and traffic congestion.

The Prime Minister further urged citizens to avoid buying gold for one year, noting that India imports more than 90 per cent of its gold requirements. He also appealed to people to reduce cooking oil consumption, adopt Swadeshi products, and avoid unnecessary foreign travel for a year in order to conserve foreign exchange.

Farmers were also encouraged to move towards natural farming and reduce dependence on imported chemical fertilisers.

Addressing a BJP rally in Hyderabad earlier, PM Modi had said that collective participation and responsible lifestyle choices could help India remain economically stable and emerge stronger during challenging global conditions.