Import bill skyrocket: Expenditure doubled in 5 years, PM Modi's special appeal to the public - know which 4 things are responsible

Introduction

A worrying news has come to light for the Indian economy. India's import bill is skyrocketing due to the ongoing conflict in West Asia and global instability. Prime Minister Narendra Modi, addressing the people of the country, has made an emotional appeal to reduce the consumption of four major commodities. In the last five years, the cost of importing these items has more than doubled, which is having a direct impact on the country's foreign exchange (Forex Reserve) and the value of the rupee.

A shocking figure of import bill

According to the figures for the financial year 2025-26, India's total import bill was $ 775 billion. Surprisingly, 31 percent of this total bill, i.e. about $ 240.75 billion, has been spent on the import of only four items. These four major commodities include crude oil, gold, edible oil and fertiliser.

Crude oil: The largest expenditure with $134.70 billion.

Gold: Second with $72 billion imports.

Vegetable oil (edible oil): Expenditure of $19.50 billion.

Fertilizer: Import of $14.50 billion.

Prime Minister's appeal to the people: What should be done?

In the economic interest of the country, the Prime Minister has urged the citizens to follow some important things:

Reduce gold purchase: Gold import directly puts pressure on the forex reserves, hence unnecessary gold purchase should be avoided.

Use of public transport: To save petrol and diesel, it has been requested to increase the use of buses, trains or metro instead of private vehicles and adopt 'car pooling'.

Electric vehicles (EV): To reduce fuel import, it has been called for switching to electric vehicles.

Changes in agriculture: Farmers have been asked to use solar pumps instead of diesel pumps and reduce the use of chemical fertilizers by 50 percent.

Doubled increase in five years: Analysis

If we look at the data of the last five years, the combined import bill of these four items was approximately $ 112 billion around the year 2021. Which has increased to over $ 240 billion in the financial year 2026. The main reason behind this increase is the rising prices of crude oil in the global market. Last year, crude prices, which were $ 71 per barrel, reached $ 114.50 in April.

Global situation and future crisis

There is a high possibility that the supply of crude oil will be disrupted due to the increasing tension between the US and Iran. If this situation continues for a long time, India's import bill may go higher in the current financial year. This is the reason why the government is already asking the public to reduce consumption and cooperate in making the country self-reliant.

 FAQ

1. PM Modi has appealed to reduce the import of which four items?

The Prime Minister has appealed to reduce the consumption of crude oil (petrol-diesel), gold, edible oil and chemical fertilizers.

2. What is the impact of gold imports on the country's economy?

Due to increased gold imports, India's foreign exchange (Forex Reserve) goes abroad, which puts pressure on the value of the Indian rupee and weakens the rupee.

3. What has PM Modi suggested for farmers?

Farmers have been suggested to adopt solar pumps instead of diesel pumps and to switch to organic farming by reducing the use of chemical fertilizers by 50 percent.

4. How much has the import bill increased in the last five years?

In the last five years, the import bill of these four major commodities has increased from $112 billion to $240 billion, which is more than double the increase.

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