PM Modi Appeals for Fuel Conservation and Reduced Gold Purchases
Narendra Modi Appeals to Citizens: Avoid Buying Gold for a Year: Amid rising concerns over the ongoing conflict in the Middle East and the global oil crisis, Prime Minister Narendra Modi on Sunday appealed to citizens to reduce fuel consumption and help protect the country’s economy from external shocks. He urged people to re-adopt the ‘Work From Home’ system wherever possible and avoid unnecessary travel to reduce the consumption of petrol and diesel as fears of fuel price hikes continue to grow.
In a major appeal, the Prime Minister also requested citizens not to buy gold for weddings for one year. He stated that India imports most of its gold from abroad using US dollars, which puts pressure on the country’s foreign exchange reserves. According to him, reducing gold purchases would help the government save valuable dollars that could instead be used for essential imports such as crude oil and other critical commodities.
The Prime Minister further explained that high gold imports increase the demand for US dollars in the foreign exchange market, weakening the Indian rupee. By reducing gold imports temporarily, the demand for dollars would decline, helping strengthen the rupee and maintain economic stability. He said public cooperation during global uncertainty would help the country manage rising energy costs and reduce financial pressure on the economy.
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