Vaishnaw Urges Indians to Cut Import Spending to Save Foreign Exchange

Union Minister Ashwini Vaishnaw on Monday urged Indians to cut down on import-related expenditures to preserve foreign exchange reserves, reiterating a call made earlier by Prime Minister Narendra Modi. Speaking at the CII Annual Business Summit 2026 in New Delhi, Vaishnaw cited ongoing Middle East hostilities and their strain on global energy markets as critical factors necessitating immediate domestic action.

He emphasized that individuals, businesses, and industries should identify areas where foreign exchange outflows could be reduced, specifically naming gold purchases, diesel, and petrol consumption as key targets. 'We can reduce our expenditure on everything that requires foreign exchange to be spent,' Vaishnaw said, adding that efforts to earn more foreign exchange must run parallel with conservation.

The minister referenced recent developments in the Middle East, including disruptions in the Strait of Hormuz, which have persisted for over 70 days and continue to threaten energy supply chains. India, a major importer of oil and gold, remains vulnerable to volatility in global markets. Vaishnaw stressed that everyday choices, such as using public transport or adopting electric vehicles, could collectively strengthen economic resilience.

Earlier, Prime Minister Modi had appealed to citizens to reduce edible oil consumption, promote car-pooling, and adopt natural farming to lower import dependence. Government officials are expected to review import trends and energy-saving measures in upcoming economic reviews. The Finance Ministry will convene a meeting next week to assess foreign exchange outflow projections amid rising geopolitical risks.