Modi Urges Indians to Cut Back on Gold Purchases and Overseas Travel Amid Record Growth
India's economy has reported a growth rate of 7.8% in the first quarter of fiscal year 2026-27, surpassing expectations despite higher oil prices and global supply-chain disruptions.
The government has renewed its call for Indians to curb non-essential foreign travel, overseas weddings, and gold purchases, emphasizing the impact of household spending on the wider economy.
Prime Minister Narendra Modi made an appeal on September 1, urging citizens to reconsider leisure trips abroad, overseas weddings, and unnecessary gold purchases.
Economist Dr. Sujan Hajra notes that while oil imports and volatile capital flows are bigger swing factors for India's external balance, household spending is still significant, with gold imports worth nearly $72 billion in the last fiscal year.