world-economy

Modi Urges Indians to Halt Gold Purchases to Protect Foreign Exchange

Prime Minister Narendra Modi called on Indian citizens to stop buying gold jewelry for at least one year, citing the need to preserve the nation's foreign-exchange reserves. The appeal, made Sunday, represents an unusual request in a country where gold holds deep cultural significance tied to savings, weddings and religious observances. Modi also asked citizens to reduce fuel consumption and limit unnecessary international travel. India's substantial gold import bill strains foreign currency supplies, the Prime Minister said, making voluntary restraint on non-essential purchases a national priority. The initiative marks a rare effort to leverage consumer behavior for macroeconomic stabilization in one of the world's largest gold-consuming markets.