Goldman Sachs cut its FY2026 forecast for India’s crude oil import bill to $220 billion from $244 billion, citing greater price sensitivity and cooling petrol and diesel consumption. The bank also lowered its gold import estimate to $56 billion from $64 billion, reflecting the near-term impact of the government’s duty hike. Together, the revisions point to weaker official import demand for global commodities without altering underlying global supply-demand balances.