Narenda Modi tells Indians to stop buying gold, work from home, as Iran war dents economy

Narenda Modi tells Indians to stop buying gold, work from home, as Iran war dents economy Submitted by MEE staff on Mon, 05/11/2026 - 21:42 The prime minister's comments show how India's foreign exchange reserves are coming under pressure as a result of higher energy prices Indian Prime Minister Narendra Modi waves to his supporters during the swearing-in ceremony for Suvendu Adhikari, the newly-elected chief minister of West Bengal state, in Kolkata, on 9 May 2026 (Dibyangshu Sarkar/AFP) Off Prime Minister Narendra Modi on Sunday urged Indians to cut down on petrol and diesel consumption and stop buying gold, in a sign that the US-Israeli war on Iran is starting to jolt the world’s fourth-largest economy. India is one of the few countries in the region that has not increased petrol and diesel prices for domestic consumers or rationed supplies. However, it has increased the price of liquefied petroleum gas (LPG) - a primary cooking fuel in the country.