The world India is navigating today is far more uncertain than the one we inhabited even two years ago. West Asia remains volatile, threatening shipping routes that carry crude oil to Indian refineries. Europe continues to absorb the aftershocks of the Russia-Ukraine war, while US-China tensions are reshaping global supply chains and commodity markets. Oil prices remain unpredictable, currencies across emerging economies are under pressure, and geopolitical risks increasingly influence economic outcomes.

For India, this uncertainty carries special significance because the country imports nearly 87 per cent of its crude oil requirements. Energy dependence makes every external shock visible in inflation, fuel prices, and household budgets. India has responded with agility by diversifying energy sourcing across more than 40 countries, strengthening diplomatic engagement in West Asia and redesigning trade corridors. But diplomacy and structural adjustments take time. Oil markets do not stabilise overnight, and supply chains cannot be rewired in a quarter.

Until then, economic resilience depends not only on governments and institutions, but also on millions of everyday decisions taken by ordinary citizens. That is the deeper context behind Prime Minister Modi’s recent appeal asking Indians to reduce avoidable fuel consumption, p o stp one discretionary gold purchases, holiday within India and embrace work-from-home wherever possible. At first glance, such appeals may appear symbolic. In reality, they are rooted in hard macroeconomic arithmetic. India’s gold imports touched nearly $72 billion in FY26, second only to crude oil in the import basket. Meanwhile, the current account deficit is drifting upward and could cross 2 per cent of GDP if elevated oil prices persist. Once deficits move into that territory, currency weakness stops being an economist’s concern and becomes a household reality. Petrol........

© The Statesman