Indian Prime Minister Narendra Modi has called on citizens to implement austerity measures including working from home, limiting foreign travel, and reducing gold purchases as ongoing conflict in Iran impacts global markets.

Modi stated that the measures would help reduce India's fuel consumption and preserve foreign exchange reserves during the current period of uncertainty. The Prime Minister specifically cited the Iran war as posing severe risks to India's economy.

Financial markets responded negatively to Modi's statements, with Indian stocks and the rupee declining following his remarks about fuel saving measures amid rising crude oil prices. Jewelry stocks were particularly affected after Modi's call for Indians to stop buying gold.

India, as a major importer of crude oil and gold, is particularly vulnerable to supply disruptions and price volatility in global commodity markets. The country's economy relies heavily on energy imports, making it sensitive to geopolitical tensions in oil-producing regions.

The austerity recommendations represent the government's attempt to mitigate economic pressures from external factors beyond its direct control. Modi's appeal to citizens reflects concerns about maintaining economic stability during a period of regional conflict affecting key commodity supplies.