Modi Asks Indians to Stop Buying Gold, Hitting Jewelry Stocks
Bloomberg.com • • world
Key Points:
- Prime Minister Narendra Modi urged Indians to avoid buying gold for at least one year to help preserve the country's foreign-exchange reserves.
- Modi's appeal is notable given gold's significant cultural and economic role in India, including its use in savings, weddings, and religious festivals.
- He also encouraged citizens to reduce fuel consumption and limit unnecessary overseas travel to support the economy.
- The call aims to curb non-essential imports, particularly gold, which constitutes a major expenditure for India.