Modi reiterates his call: Indians should avoid buying gold unless necessary and should refrain from traveling or getting married overseas.

　　On Tuesday, Modi stated on social media that despite ongoing global wars, economic uncertainties, and disruptions in supply chains, the Indian economy continues to grow rapidly. However, he stressed that the public still needs to contribute to strengthening India’s economic power by choosing “Made in India” products and reducing unnecessary outflows of foreign exchange.

　　This is his second such appeal this year. Back in May, Modi had urged the Indian public to avoid buying gold as much as possible and to minimize overseas trips for at least a year.

　　According to International Financial News, a key reason behind Modi's renewed call to avoid unnecessary gold purchases is the continued surge in India’s gold import bill.

　　Data from India’s Ministry of Commerce shows that in the 2025–2026 fiscal year, India’s gold imports amounted to $71.98 billion, up 24% year-on-year, setting a new historical high. In the previous two fiscal years, the figures were $58 billion and $45.54 billion respectively. In just two years, the value of India’s gold imports has nearly doubled.

　　The continued rise in the amount of gold imports also adds pressure to India’s external accounts. In the 2025–2026 fiscal year, India’s goods trade deficit reached $333.2 billion, higher than the previous year’s approximately $282 billion. S&P Global Ratings Asia-Pacific economist Vishrut Rana previously stated that gold import expenditures are considerable, and reducing gold imports would indeed help decrease capital outflow from India’s current account.

　　Meanwhile, overseas vacations and holding weddings abroad likewise result in funds flowing overseas. During foreign travel, Indian citizens must pay for airfare, hotels, meals, local transportation and other service fees. Spending on overseas weddings may be even greater.

Editor: Zhu Henan