PM Modi Focuses on 4 Import-Heavy Commodities: Crude Oil, Gold, Vegetable Oils & Fertilisers Total $240.7 Billion in FY26 Trade Data

India's import bill in FY26 included over $240 billion from just 4 key commodities: crude oil, gold, vegetable oils, and fertilisers.  

These imports were significant enough to prompt a response from Prime Minister Narendra Modi to encourage more sustainable consumption. 

Major Import Components in FY26 

In the fiscal year 2025-26, crude petroleum led imports with a staggering $134.7 billion expenditure. Gold imports reached a record $72 billion, reflecting significant demand despite the Prime Minister's call for judicious use.  

Vegetable oil imports accounted for $19.5 billion, while fertiliser imports totalled $14.5 billion. Combined, these commodities represented 31.1% of India’s total import bill, which stood at $775 billion. 

PM Modi’s Appeal for Prudent Consumption 

On May 10, 2026, PM Modi advised citizens to reduce their reliance on key imports. He highlighted the necessity of using alternatives like electric vehicles and public transport to decrease petroleum consumption.  

Additionally, he encouraged a moderation in edible oil intake and suggested postponing non-essential gold purchases. 

Escalating Import Costs Amidst Global Crisis 

Import costs have surged due to the ongoing crisis in West Asia, which has driven the price of India's crude basket to $114.48 per barrel in April and $105.4 per barrel in May, compared to $70.99 per barrel for the fiscal year.  

These rising costs are exacerbating the economic burden, necessitating strategic rationing on a national level. 

Read More: India and Vietnam Target $25 Billion Trade by 2030, Aiming to Deepen Bilateral Ties!  

Increasing Share of Imports 

From FY25 to FY26, gold import costs jumped nearly 24% from $58 billion, whilst fertiliser imports saw a 77% rise to $14.6 billion.  

Though crude oil imports slightly decreased from $143.1 billion in FY25, they still encompassed 17.4% of the total imports.  

This surge in import costs signifies a growing dependency on these commodities, which has doubled from $112 billion in FY21 to $240.7 billion in FY26. 

Conclusion 

India's reliance on commodities like crude oil, gold, vegetable oils, and fertilisers has resulted in a $240.7 billion import bill in FY26. PM Modi's call to action for more prudent consumption seeks to curb economic pressures, emphasising the need for sustainable alternatives amidst global crises. 

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