As the war in West Asia continues to disrupt global oil supply chains, India is beginning to feel the pressure too. Crude oil prices are rising, global shipping routes are under stress, and countries that depend heavily on imports are preparing for economic shocks.
India is one of them.
On 10 May, Prime Minister Narendra Modi made a public appeal that had every Indian talking about it. Speaking in Hyderabad, he urged people to cut fuel use, avoid unnecessary foreign travel and even pause buying gold for a year.
For a country where gold is tied to weddings, festivals and family savings, the message immediately stood out.
But this was not just about jewellery. It was about India’s economy, foreign exchange reserves and the fear of a bigger global energy crisis.
How Rising Oil Prices Are Affecting India
Since the Iran conflict escalated earlier this year, oil prices have stayed volatile.
Brent crude crossed $100 per barrel in March over fears around the Strait of Hormuz.
Reuters reported that the rupee has weakened by more than 4% since February. Indian markets and bond yields have also faced pressure from rising crude prices.
Higher oil prices are also raising costs for transport, flights, LPG and imported goods across India.
India imports more than 85% of its crude oil needs. That means rising crude prices directly affect inflation, the rupee and the country’s import bill.
Are Indians Ready To Go Back To WFH?
Modi asked people to consider work from home again to cut travel and save fuel imports. He also suggested avoiding destination weddings abroad.
But his appeal reopened a debate many young professionals thought was over: can India realistically return to WFH culture again?
Workers in tech, media and corporate jobs told NDTV that remote work improves productivity, reduces commute stress and saves time. One Gurugram-based telecom employee said offices are “reasonably prepared” for hybrid work.
But India’s workforce is uneven. IT and digital sectors can switch online more easily, while manufacturing, retail, hospitality and small businesses cannot. HR leaders told NDTV that many smaller firms still lack systems for long-term remote work.
There is also another reality. Since 2023, many companies globally have pushed employees back to offices, even as hybrid work remains common.
For many young Indians, WFH has shifted from a Covid-19 flexibility trend to a conversation around fuel savings and rising economic pressure.
Why Asking India To Stop Buying Gold Is A Big Deal
India is one of the world’s largest gold buyers and imports nearly all the gold it consumes.
A February 2025 Reuters report said India’s annual gold demand is expected to remain around 700 to 800 tonnes. Gold imports are paid for in US dollars, increasing pressure on foreign exchange reserves during global crises.
But gold in India is not just an investment. It is deeply tied to weddings, culture and social status.
Industry estimates cited by the World Gold Council say weddings account for nearly 50-55% of India’s jewellery demand, while the country hosts an estimated 11 to 13 million weddings every year.
During peak wedding months, jewellery stores see their highest sales as families spend months saving for gold jewellery.
Modi’s appeal effectively called on families to reconsider one of India’s strongest spending traditions at a time of global economic uncertainty.
The Politics Around It
Congress leader Rahul Gandhi criticised Modi’s remarks, calling them proof of economic failure. The comments quickly sparked a political debate online.
But beyond politics, the bigger concern remains global instability and its impact on India’s economy.
For now, the government says India has enough crude oil storage and supply arrangements. Still, Modi’s message signals that the country is preparing for a long and uncertain global situation.
And this time, even buying gold has become part of the economic conversation.
