Indian Prime Minister Narendra Modi called for a range of measures, including fuel-saving efforts, expanded work-from-home arrangements, and curbs on nonessential travel and gold buying, as rising global energy prices increase pressure on India's foreign exchange reserves, Reuters reported on May 10. According to the Reserve Bank of India, India's foreign exchange reserves dropped by $7.79 billion to $690.69 billion in the week ending May 1, following an earlier decline of $4.82 billion the week before.

Modi's remarks underscore how the conflict in the Middle East and the resulting disruptions to energy supply are exacerbating India's trade deficit and adding pressure on the rupee. Subsequent drops in jewelry, travel, banking and energy shares suggest investors see Modi's comments as a sign that consumer demand could weaken or that the government may introduce further steps to reduce imports.