Prime Minister Narendra Modi has appealed to Indians to conserve fuel and foreign exchange amid rising energy costs following the Gulf crisis. India imported $174bn of oil and gas last year, with two-thirds of natural gas and half of crude oil imports coming from the Gulf region. This marks the first time Modi has asked citizens to tighten belts since the US attacked Iran, reflecting growing economic pressures.

Modi specifically called for reducing petrol and diesel use, using public transport, and suspending non-essential gold purchases and foreign travel. The rupee has hit a historic low of more than 95 to the dollar, while India's foreign exchange reserves fell 5% to $690bn since the conflict began. The Reserve Bank has been selling dollars to smooth the currency's decline.

Economists note Modi's timing coincides with state election victories, allowing more direct economic messaging. The crisis is forcing down growth forecasts, with Goldman Sachs cutting its projection to 5.9% from 6.5%. India's central bank still estimates 6.9% expansion for the fiscal year to March 2027, highlighting the uncertain economic path.