PM Modi repeats call to 'shun unnecessary gold buys, foreign weddings & holidays'

Prime Minister Narendra Modi reiterated his call to Indian citizens to avoid unnecessary gold purchases, foreign weddings and holidays on Tuesday. The Prime Minister praised the resilience of the Indian economy amid global crises, including the West Asia conflict, which has led to heightened imports. He urged citizens to support swadeshi goods and called for a strong "Aatmanirbhar Bharat".

Modi's appeal against gold imports came after a drop in the quantity of imports since January, but a rise in value due to higher prices. The unit value of gold was 94% higher in June compared to the previous year, but prices have since moderated to $2.8 per kg, which is 47% higher than a year ago. Despite higher prices, consumers have become more reluctant to buy large quantities of gold, with recycling of old jewelry also on the rise.

Modi's message was a mix of praise for the people's hard work and disdain for critics like Rahul Gandhi, who he dismissed as spreading pessimism. In a selfie-video posted on Instagram, Modi emphasized the importance of maintaining economic growth and urged citizens to work hard. The opposition, especially the Congress party led by Rahul Gandhi, has been criticized for spreading pessimism about the country's growth.

Finance Minister Nirmala Sitharaman emphasized that the opposition had a right to criticize but should not insult the nation by claiming it to be a "dead economy".

The BJP played up Rahul Gandhi's dismissive comments about the economy to contrast them with India's growth. They called on Rahul to apologize, arguing that his remarks carry weight as the leader of the opposition. Meanwhile, Pakistan has been playing up Rahul's comments for their own purposes.