Modi's 7 appeals could trim $37.8B in forex — jewellery, travel, fuel demand in crosshairs
Brickwork Ratings models $37.8B in FY26 forex savings if PM's nudges land: $7.2B from lower gold buying, $13.4B from fuel restraint, plus pullbacks in foreign travel. Swadeshi push lifts domestic brands; jewellers, airlines and outbound tourism face demand drag.
Brickwork Ratings estimates PM Modi's seven appeals — including curbing gold purchases, foreign travel and fuel use while pushing Swadeshi and natural farming — could save $37.8 billion in forex, with knock-on effects warned for jewellery, aviation and tourism sectors.