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Modi's Conservation Push Rattles Indian Markets Across Multiple Sectors

Prime Minister Narendra Modi's recent appeals to reduce consumption have created ripple effects through Indian equity markets. Modi has called for Indians to halt gold purchases for at least one year to preserve foreign-exchange reserves, a notable request in a nation where the metal holds deep cultural and religious significance. The government doubled import tariffs on gold following this conservation appeal. The Prime Minister also urged fuel conservation amid rising oil prices tied to geopolitical tensions in West Asia. Modi's energy security focus includes efforts to secure stable supply agreements during an upcoming UAE visit. Market participants have reassessed exposure to commodities-dependent industries as a result.