PM Modi Urges Indians to Limit Gold Purchases and Foreign Travel

Prime Minister Narendra Modi appealed to Indian citizens on Tuesday to avoid non essential foreign travel, destination weddings abroad, and the purchase of gold unless necessary. In a video message from Bishkek, Kyrgyzstan, where he was attending the Shanghai Cooperation Organisation summit, Modi stated that these measures are intended to reduce foreign exchange outflows and promote self reliance. The appeal comes as India reported a 7.8 percent economic growth rate for the April to June quarter, a figure that surpassed the Reserve Bank of India's 7 percent forecast.

Modi noted that India is progressing rapidly despite global uncertainty, supply chain disruptions, and wars. He framed the conservation of foreign exchange reserves as a way to maintain economic strength. The need for these measures is linked to India's reliance on imported gold and crude oil, both of which require significant foreign currency and can pressure the rupee when international prices rise or trade deficits widen.

Reporting on the event differed based on political lean. A center right source framed the appeal as a strategic economic move to protect the trade balance against external risks and global conflicts. In contrast, a left leaning source highlighted political friction, noting that the Prime Minister's comments followed claims from the Congress party that the GDP figures provide a distorted picture of the economy and fail to account for unemployment and private investment sentiment.