PM Modi asked Indian families to avoid buying gold for weddings for one year. He made the appeal as India faces rising economic pressure due to high crude oil prices and growing import costs. His statement came during a period of global uncertainty caused by tensions in the Middle East and disruptions near the Strait of Hormuz, an important global oil route.
PM Modi said rising oil prices are putting pressure on India’s foreign exchange reserves and weakening the rupee. Global crude oil prices have increased from nearly $70 per barrel to around $126 per barrel in recent weeks. Since India imports most of its crude oil, the higher prices have sharply increased the country’s import bill.
The Prime Minister also stressed the need to save fuel and reduce unnecessary spending. He encouraged citizens to use petrol and diesel carefully. According to him, every citizen can help support the economy during difficult global conditions.
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PM Modi Warns Over Rising Gold Imports
PM Modi’s appeal about gold purchases attracted major public attention. In India, families often buy gold during weddings and festivals. Many people see gold as a symbol of wealth, security, and tradition. Despite this strong cultural connection, the Prime Minister requested families to delay gold purchases for one year.
India is one of the world’s largest importers of gold. Large gold imports increase the demand for foreign currency, especially US dollars. Economists believe that reducing gold imports can help control pressure on the rupee during global economic uncertainty.
Experts also said rising oil prices and high gold imports together can increase pressure on the economy. A weaker rupee can make imported goods more expensive and raise inflation.
PM Modi’s message focused on economic stability and responsible spending. He urged people to conserve resources and reduce unnecessary expenses during a difficult global situation. His appeal aimed to protect India’s financial stability and reduce pressure on foreign exchange reserves.
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