Over the last few months, the Indian government has taken steps to shield consumers. 3 min read May 12, 2026 06:00 AM IST First published on: May 12, 2026 at 06:00 AM IST Prime Minister Narendra Modi’s appeal to the people, to cut back on the consumption of petroleum products and conserve foreign exchange, underlines the severity of the energy supply shock for the Indian economy. India is now far removed from its recent Goldilocks phase, buffeted by high energy prices and continuing disruptions in supplies, the exit of foreign portfolio investors and a falling currency. PM Modi’s plea, asking people to use public transport and electric vehicles, avoid purchasing gold, and postpone travel abroad, is directed towards curbing the demand for energy, gold and forex. To put this in perspective — in 2025-26, India’s imports of petroleum, crude and products stood at $173 billion and gold imports were at $71.9 billion, while the rupee is now around 95.2 against the dollar.…