India's FY26 import bill totals $775 billion, oil and gold
Business
India's import bill soared to $775 billion in FY26, with crude oil, gold, vegetable oils, and fertilizers making up nearly one-third of the total.
Crude oil alone cost $134.7 billion, while gold imports reached a record $72 billion, both fueled by higher global prices and growing demand at home.
Prime Minister Modi urges import cuts
With these imports straining India's foreign reserves, PM Modi called on people to cut back, suggesting more electric vehicles and public transport instead of diesel cars, delaying non-essential gold buys, and asking farmers to halve fertilizer use.
The message: small changes can help reduce the country's reliance on costly imports.