Prime Minister Narendra Modi has urged citizens to avoid purchasing gold for the next year, describing the move as a patriotic contribution to strengthening India’s economy amid global financial uncertainty. He made this appeal in response to rising crude oil prices, growing import bills, and increasing pressure on the country’s foreign exchange reserves.
During a public address, Modi said, “If every Indian chooses not to buy gold for one year, it will greatly alleviate our import burden and aid in fortifying the nation’s economy.” He stressed that collective public participation can play a vital role in maintaining India’s economic stability.
India is the world’s second-largest consumer of gold after China. The country imports nearly 90 percent of its gold requirements and spends billions of dollars annually on these purchases. In the previous financial year, India spent more than $70 billion on gold imports, making gold one of the largest contributors to the nation’s import expenditure. Economists say that reducing gold imports could help lower the trade deficit and conserve valuable foreign exchange reserves.
The Prime Minister also encouraged citizens to invest in productive financial instruments such as savings schemes, bonds, and other avenues that directly support economic growth. He argued that India must reduce its dependence on imported goods to achieve the vision of “Atmanirbhar Bharat” (Self-Reliant India).
The appeal has triggered widespread debate across the country. Many economists have welcomed the proposal as a practical step toward reducing import dependence. However, jewellery industry representatives have expressed concerns about its potential impact on businesses, artisans, and workers who depend on the gold trade for their livelihoods.
Government officials clarified that the appeal remains entirely voluntary and aims to encourage economic responsibility rather than impose restrictions. The initiative highlights the government’s broader efforts to build a stronger and more self-reliant economy.
