As the effects of an energy shock from the West Asian crisis, now in its third month, reverberate globally, Prime Minister Narendra Modi on Sunday asked citizens to take measures to reduce the consumption of petroleum products and conserve foreign exchange reserves. He suggested reviving COVID-era measures, such as work-from-home arrangements, and avoiding non-essential foreign travel and gold purchases for a year. The Prime Minister’s caution about gold purchases comes amid heightened risk of weakening macro fundamentals if the crisis drags on. The domestic currency, under pressure since late last year due to weakening foreign investment in the country in the backdrop of steep US tariffs, slipped to a record low of $95.63 against the US dollar on Tuesday as crude prices remained above $100 a barrel due to a standstill in traffic via the Strait of Hormuz. Oil prices have surged nearly 50% since before the Iran war.…