PM Modi repeats call to 'shun unnecessary gold buys, foreign weddings & holidays'
Indian Prime Minister Narendra Modi has urged citizens to prioritize domestic goods and avoid unnecessary foreign travel and gold purchases to support the national economy. The appeal comes as the government monitors rising import values despite strong GDP growth.
Why it matters
The call reflects a nationalist economic strategy aimed at reducing trade deficits and promoting 'Aatmanirbhar Bharat' (self-reliant India) amidst global economic uncertainty.
NEW DELHI: Buoyed by the better-than-expected GDP growth, PM Modi on Tuesday lauded Indian economy's resilience during a period of global crises. He again pushed for swadeshi goods and urged citizens to shun overseas weddings, foreign vacations and avoid unnecessary gold purchases at a time when imports remain elevated due to high commodity prices in the wake of the West Asia conflict.His appeal against buying gold also puts to rest speculation around import duties being reviewed by govt. In fact, Centre and RBI are keeping a close watch on shipments. Since Jan, both quantity of gold and value of imports have increased. Since Modi's first appeal in May, however, there has been a drop in quantity of imports but the value of imports is rising due to higher prices, albeit at a slower pace.
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