Modi calls on Indians to stop buying gold, postpone weddings amid economic pressure

HYDERABAD – Indian Prime Minister Narendra Modi has called on citizens to stop buying gold and postpone wedding ceremonies amid mounting economic pressure due to rising global oil prices and increasing strain on India’s foreign exchange reserves. Modi also urged the Indian public to reduce non-essential spending and adopt austerity measures. Addressing a public gathering in Hyderabad, Modi urged people to limit the use of petrol and diesel and encouraged wider use of public transport systems, including metro services and buses. He also stressed the importance of carpooling in situations where private transport is unavoidable. The Indian premier advised citizens to avoid unnecessary foreign exchange expenditures by reducing discretionary spending on imported goods, overseas travel and luxury consumption. He even suggested to postpone non-essential international trips in order to conserve foreign exchange reserves. “We must make every possible effort to save foreign exchange,” Modi said while emphasising the need for what he termed “economic patriotism” at the national level. He also called for the revival of work-from-home practices introduced during the COVID-19 pandemic and encouraged businesses and institutions to promote online conferences and virtual meetings to reduce transportation and operational costs. The remarks come at a time when rising crude oil prices and uncertainty in global energy markets are putting pressure on economies heavily dependent on fuel imports. India, the world’s third-largest oil importer, relies significantly on energy supplies from the Gulf region. The economic concerns have further intensified due to fears surrounding potential disruptions in the Strait of Hormuz, a strategic global shipping route through which a large portion of the world’s oil supplies pass. According to the reports, India’s foreign exchange reserves have declined by $7.79 billion over the past month, dropping to $690.69 billion. The analysts say increasing o