Why is PM Modi talking about buying less gold, oil and fertilizers? Statistics will tell the truth

An appeal by Prime Minister Narendra Modi has now become a topic of discussion. In view of the current global situation, PM Modi has appealed to the people of the country to work from home as much as possible, buy indigenous things, not buy gold for a year and save oil by using public transport. Various types of discussions are taking place on his appeal. Leader of Opposition Rahul Gandhi has also raised questions regarding this statement of PM Modi. Rahul Gandhi says that this is proof of the failure of PM Modi’s policies.

PM Modi had said on Sunday that due to the war there has been a huge increase in the prices of petrol and fertilizers. He said that when there is pressure on the supply chain, difficulties increase despite various measures to deal with the crisis. He said, ‘During the global crisis, we have to take resolutions, keeping the country paramount. That is why, during the global crisis, we have to take resolutions, keeping the country paramount. We have developed working from home, digital meetings, video conferences and many other methods during the Corona period. We have become accustomed to them. The need of the hour is that we restart these methods.

Now there is a need to understand why the Prime Minister talked about these things only? The first reason for this is the situation of Iran-America conflict, but its long-term goals are also understood. One reason is that India has to spend a lot of money on these things and India’s economy has been suffering from this for a long time. Let us understand in detail what difference it will make if PM Modi accepts this appeal and why he is making such an appeal…

Also read: People of India are buying gold as it becomes more expensive, expenditure has doubled in 3 years

Import of gold created havoc

People of India buy a lot of gold. It is good for the economy that people buy but it is a problem for India in terms of gold. The reason is that almost 99 percent of the gold requirement in India is met only through imports. There has been a huge increase in the price of gold in the last few years but there has been a slight decrease in the import of gold. If we look at it in terms of money, there has been an increase but the quantity has decreased. In rupee terms, the money spent on gold import increased by about 24 percent in one year.

According to the Ministry of CommerceIn the year 2025-26, the people of India imported a total of 71.98 billion dollars i.e. gold worth 6.69 lakh crores. The expenditure on gold import has doubled in 3 years. This is when the price of gold has increased more than double in three years.

Also read: PM said, ‘Don’t buy gold’, Rahul Gandhi surrounded him, said – ‘Preaching is the proof of failure’

The quantity of gold imported has decreased but due to the increase in price, more money has been spent. A total of 721.03 tonnes of gold was imported in 2025-26 while gold import in 2024-25 was 757.09 tonnes. India imports its gold from Switzerland and Arab countries, due to which a lot of foreign exchange is spent and the country’s economy is also affected by it. This is the reason why Prime Minister Narendra Modi is appealing not to buy gold for at least one year. If this happens then the country’s economy will be affected and the money going to other countries will remain in India and people can spend this money elsewhere. However, this situation can have a negative impact on jewelery businessmen and other people.

Why so much emphasis on oil?

In India, everything from a small motorcycle to airplanes and engines installed in big factories run on oil. This is the reason why India has to buy things like oil and gas in large quantities. If oil and gas are not produced in India, it has to buy these things from other countries and for this also a lot of India’s foreign exchange is spent. About 87 percent of India’s oil needs are met through imports.

At present, India is spending about Rs 11.32 lakh crore every year only on purchasing crude oil and its related products. Due to the worsening situation between Iran and America, closure of the Strait of Hormuz and American sanctions, there has been a huge increase in the prices of crude oil across the world and India is spending a lot of money. In India, the prices of diesel and petrol have not increased for the common customers but the pockets of the oil companies are getting loose. This is the reason why PM Modi is talking about public transport so that the dependence on oil can be reduced to some extent.

How much does India spend on fertilizers?

In India, agriculture provides employment to most people. Most of the people depend on it for their food needs and also for business. India imports a lot of fertilizers to increase production in the fields. Despite domestic production, India has to import large quantities of fertilizer. For this, India imports fertilizer from countries like China, Russia, Morocco and Saudi Arabia.

Also read: ‘Reduce the use of petrol, diesel, gas’, PM Modi’s appeal to the country not to buy gold.

According to government estimates, this year the expenditure on import of fertilizers in India is expected to reach 18 billion dollars i.e. approximately Rs 1.5 lakh crore can be spent on fertilizers.

Why so much emphasis on Swadeshi?

Similarly, India also imports a lot of edible oil. Apart from crude oil, fertiliser, gold and edible oil, India also spends a huge amount every year on the import of chemicals, machinery, computers and electronic items because there is no substitute for them. According to the current situation, if prices continue to rise, India’s expenditure on things like crude oil will increase significantly in the next one or two years.

The matter of concern is that the import of all these things has increased rapidly. The increase in gold import by 24 percent and fertilizer import by 77 percent has increased India’s concern. Apart from this, there is an increase of 17.4 percent in the import of crude oil. The import of these things has been continuously increasing in the last few years.

If we just add the expenditure on crude oil, gold, edible oil and fertilizers, then India will spend at least 240 billion dollars i.e. about Rs 20 lakh crore in 2026. If compared to the budget, this amount is quite high because India’s budget for 2026-27 was kept at Rs 53.5 lakh crore. At the same time, India’s total GDP is approximately Rs 350 lakh crore.