PM Modi renews appeal to avoid gold buying, foreign travel
PM Modi's call for an “Atmanirbhar Bharat” comes amid persisting global uncertainties due to the renewed US-Iran war.
Prime Minister Narendra Modi reiterated his call on Tuesday for citizens to refrain from purchasing gold unless absolutely necessary and to opt for domestic travel instead of foreign holidays. Prime Minister Modi linked the call to sustaining and accelerating India's economic growth, which stood at 7.8% in the April-June quarter.
He urged people to support the "Atmanirbhar Bharat" vision, emphasizing the "swadeshi" and "vocal for local" mantras. This renewed appeal follows a significant increase in gold imports, which rose by 32.4% to $15.17 billion in the first quarter of the current financial year, up from $11.46 billion in the same period last year. Experts acknowledged the need for non-essential imports to support manufacturing and exports but advised restraining non-essential imports.
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