In response to Prime Minister Narendra Modi's appeal to curb gold purchases and foreign travel, Indian companies are reassessing their spending strategies to protect foreign exchange reserves amid rising geopolitical tensions, particularly related to the Iran conflict. Modi's message resonated at the Confederation of Indian Industry (CII) summit, where Bharti Enterprises chairman Sunil Bharti Mittal highlighted the need for businesses to focus on domestic investment and renewable energy. India's gold imports surged 24.1% year-on-year to $72 billion in FY26, with silver imports rising 149.6% to $12.1 billion. This reliance on imports accounts for 10.8% of the country's total imports. Following the announcement, jewellery stocks were negatively impacted, with Titan Co falling 6.7% and Kalyan Jewellers dropping 9.3%. Industry experts warn that increasing import duties could lead to heightened smuggling and reduced investment demand for gold. Meanwhile, the travel and tourism industry expressed support for the PM's call to limit overseas leisure travel, emphasizing a collective effort to prioritize domestic spending.