Indian Prime Minister Modi Urges Citizens Not to Buy Gold
In India, the public has been advised to avoid overseas travel and gold purchases in order to reduce the growing trade deficit and support economic growth.
While gold imports continue to rise in India despite high taxes, Prime Minister Modi has made a second appeal to the public not to buy gold in order to maintain economic balance.
Gold Imports and Trade Deficit
Gold ranks as India's largest imported commodity after oil and is cited as one of the primary reasons for the trade deficit.
In the first four months of the fiscal year starting in April, gold imports increased by more than 32 percent, creating severe pressure on the national currency, the rupee.
Modi's Second Appeal
Prime Minister Modi issued a similar warning for the second time this year, calling on the public not to buy gold unless necessary.
Earlier in May, Indians were also asked to refrain from buying gold for at least one year in order to protect foreign exchange reserves.
Emphasis on Economic Growth and Domestic Products
In a video shared on the social media platform X, Modi emphasized that greater self-sufficiency is needed to sustain economic growth.
Citizens were advised to purchase domestic products and avoid traveling abroad unless mandatory.