Jewellers’ body likely to meet Finance, Commerce ministries on May 15 amid PM Modi’s appeal to avoid gold purchases: Sources

Prime Minister Narendra Modi’s call for economic discipline and self-reliance amid challenging global conditions has triggered a flurry of activity within the government, with multiple ministries launching internal reviews and stakeholder consultations.

According to sources, ministries including Commerce, Petroleum, Agriculture, Food and Public Distribution, and Finance have started internal review meetings following the Prime Minister’s appeal for national responsibility and reduced dependence on imports. The Labour Ministry, Ministry of Renewable Energy, and Ministry of Heavy Industries are also conducting assessments, while the Transport Ministry is scheduled to hold a key meeting on Tuesday.

Jewellers’ body likely to meet Finance, Commerce ministries on May 15

Sources said consultations with industry stakeholders are expected to begin shortly. A meeting between officials from the Finance Ministry, Commerce Ministry, and jewellery industry representatives is likely on May 15.

Meanwhile, the Union Cabinet is scheduled to meet on Wednesday at 11 am.

In another key development, the Ministry of External Affairs (MEA) has decided to hold media briefings twice a week—every Tuesday and Thursday—with the next press conference scheduled for 4 pm on Tuesday evening.

OMCs losing Rs 1,000 crore daily amid global energy crisis: Hardeep Singh Puri

Speaking at the CII Annual Business Summit 2026, Hardeep Singh Puri said India has managed the ongoing global oil and gas crisis better than many countries despite major challenges over the last 75 days. He said the government converted the crisis into an opportunity and ensured there were no fuel shortages or dry-outs anywhere in the country.

The minister revealed that oil marketing companies (OMCs) are currently losing nearly Rs 1,000 crore every day, with quarterly losses touching around Rs 1 lakh crore, but the government did not allow fuel prices to rise. He added that petrol prices have remained unchanged for the last four years and dismissed speculation linking fuel price hikes to elections, saying such issues are “totally unlinked.”

Puri said India’s energy consumption has continued to rise during the crisis, with petrol consumption increasing by 6 per cent. He highlighted that India’s refining capacity has emerged as a major strength, helping the country maintain stable supplies. He also stressed that India has never imported LNG from Russia and called for a “narrative correction” on the country’s energy policies.

The minister said the government has introduced policy changes and incentives to boost domestic oil and gas exploration. According to him, the Finance Ministry is fully supporting efforts to increase exploration activities. Referring to Prime Minister Narendra Modi, Puri said the PM had encouraged officials to remove hurdles and accelerate drilling activities, saying, “Dig wells, and whatever obstacles exist will be fixed.”

Puri further said LPG production has been ramped up significantly and recalled that in 2014, access to LPG was limited across the country. He also announced plans to increase India’s storage capacity and noted that the government is in the process of paying Rs 350 crore worth of oil bonds. Assuring citizens, he clarified that there would be “no lockdown tomorrow” and reiterated the government’s focus on energy security and self-reliance.

What were PM Modi's 7 appeals to citizens?

During his address on Sunday, PM Modi urged citizens to put “nation first” and adopt lifestyle changes to reduce pressure on foreign exchange reserves and improve economic resilience.

“Living for the country and fulfilling our duties towards the nation is also patriotism,” the Prime Minister said, while calling for collective public participation during what he described as a period of global crisis.

The Prime Minister made seven major appeals to citizens:

1. Prioritise work from home and virtual meetings wherever possible
2. Avoid buying gold jewellery for one year
3. Reduce petrol and diesel consumption by using the metro and public transport
4. Cut down the use of cooking oil to lower import dependence
5. Reduce the use of chemical fertilisers and shift towards natural farming
6. Promote “Vocal for Local” and adopt Made-in-India products
7. Avoid foreign travel for at least one year

PM Modi also encouraged citizens to use railway freight services for transporting goods and promote carpooling wherever possible.

The appeals come at a time when India is closely monitoring global economic uncertainties, rising import bills, and pressure on foreign exchange outflows. Officials believe the measures could help strengthen domestic manufacturing, conserve forex reserves, and boost self-reliance.