Prime Minister Narendra Modi called on India's 1.4 billion people to cut spending on fuel, travel and gold, framing the request as patriotic duty amid an economic crisis triggered by the war in Iran. The national address on Sunday came after his party secured a landslide victory in state elections, giving him political breathing room to demand sacrifice without immediate electoral consequences.

The rupee has lost 10 percent of its value in the past year, with half that decline since the U.S. and Israel began bombing Iran in late February. The blockade of the Strait of Hormuz has strangled oil supplies, leaving state-owned companies to absorb roughly $175 million in losses daily while the government misses budgetary targets and inflation accelerates. Other Asian nations including the Philippines, Bangladesh and Sri Lanka have made similar appeals since March.

Modi invoked his 2016 demonetization and Covid lockdowns as precedent, urging the middle class to work from home, carpool and skip foreign holidays. He asked Indians to avoid purchasing gold for one year—a significant request given gold accounts for nearly 9 percent of India's annual import bill. With the election mandate secured, analysts say these voluntary measures could soon become mandatory.