In FY2026, India spent more than $240 billion, nearly Rs 23 lakh crore, on only four commodity groups. These groups include crude oil, gold, vegetable oil, and fertiliser. Therefore, Prime Minister Narendra Modi urged citizens to use these items more wisely. His appeal aims to reduce pressure on India’s foreign exchange reserves.
These Goods Form 31.1% Of Imports
According to the report, India imported $240.7 billion worth of these four categories in FY2025-26. Moreover, India’s total import bill reached $775 billion. These four groups formed 31.1% of that bill. Crude petroleum claimed the largest share, with imports worth $134.7 billion.
Gold, Edible Oil And Fertiliser Add Pressure
Gold imports also rose to a record $72 billion. Meanwhile, vegetable oil imports touched $19.5 billion. Fertiliser imports increased to $14.5 billion, as stated earlier in the reference. Later, the reference placed fertiliser imports at $14.6 billion after a sharp rise. Together, these numbers show a heavy external burden.
Modi’s May 10 Appeal Named These Categories
On May 10, PM Modi directly mentioned these categories in his appeal. He asked citizens to reduce petrol and diesel dependence. For this, he urged people to adopt electric vehicles. Also, he encouraged public transport, car-pooling, and railway freight movement.
Farmers And Homes Received Specific Advice
Modi also asked farmers to replace diesel pumps with solar options. Additionally, he urged them to cut chemical fertiliser use by 50%. He also asked households to reduce edible oil use. Further, he appealed to citizens to delay non-essential gold purchases for one year.
Hyderabad Rally Mentioned Global Crisis
PM Modi made these comments at a Telangana BJP rally in Hyderabad. He said global crisis demands national-first commitments. Then, he said citizens must use petrol and diesel sensibly. These remarks came during the West Asia crisis. As a result, import costs rose sharply.
Crude Prices Show The Stress
India’s crude oil basket averaged $114.48 per barrel in April. Then, it averaged $105.4 per barrel in May. However, FY2026’s average stood at $70.99 per barrel. Therefore, higher recent prices strengthened the case for careful consumption. Even small habits can affect India’s external accounts.
Every Third Import Dollar Matters
Nearly one dollar from every three import dollars goes into these four commodities. Moreover, the bill grows further when organic chemicals enter the calculation. It also rises when raw materials for fertiliser production join the basket. Additionally, many of these goods move through the Hormuz Strait.
Gold And Fertiliser Rose Fastest
Gold and fertiliser grew fastest inside this basket. Gold imports rose from $58 billion in FY2025 to $72 billion in FY2026. That increase reached nearly 24%. Meanwhile, fertiliser imports jumped 77% and reached $14.6 billion. These rises added fresh concern.
Crude Oil Still Leads The Basket
Crude oil imports fell from $143.1 billion in FY2025. However, crude still formed 17.4% of India’s total imports. Vegetable oils held a 2.5% share. Fertiliser held a 1.9% share. Therefore, crude remained the biggest driver within these four import groups.
Import Bill Doubled Since FY2021
The combined import bill for these four goods rose sharply. It climbed from $112 billion in FY2021 to $240.7 billion in FY2026. This growth reflects higher global prices. It also reflects stronger domestic demand. Consequently, India faces both price pressure and consumption pressure.
Atmanirbhar Bharat And Rupee Impact
Modi’s target seeks lower dependence on these goods. It also supports Atmanirbhar Bharat and protects foreign exchange reserves. Moreover, a lower import bill can reduce India’s current account deficit. As a result, the Indian rupee can gain strength in global markets.
Recent Years Show A Renewed Rise
These goods earlier formed nearly 30% of India’s import basket by FY2016 and FY2017. However, their share has started rising again in recent years. Therefore, Modi’s appeal focuses on four costly categories. The government sees restraint as a way to protect economic strength.
