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Informist, Tuesday, Sept. 1, 2026

 

--PM Modi: Must avoid buying gold unless needed 

--PM Modi: Must opt for 'Wed in India', skip foreign travel to support econ 

--PM Modi: Must opt for self-reliance to maintain Q1 GDP momentum

--PM Modi: Must focus on self-reliance to be developed econ by 2047

 

NEW DELHI – Batting for self-reliance, which will help drive economic growth, Prime Minister Narendra Modi made a second pitch to Indians to avoid purchasing gold and overseas travel. Speaking to citizens a day after the government released the GDP data for Apr-Jun, Modi said in a video Tuesday that Indians must opt for self-reliance as much as possible to sustain the growth momentum.

 

Modi had first asked Indians to avoid foreign travel and gold purchase in May after the Indian currency and foreign exchange reserves came under pressure following the surge in global crude oil prices as an aftermath of the war in West Asia. India's foreign exchange reserves were fast depleting with India's import bill rising and the Reserve Bank of India's intervention to control the fall in rupee.

 

Data released Monday showed that the Indian economy grew 7.8% in the June quarter, faster clip than expected by analysts. The June quarter print is also higher than the central bank's projection for Apr-Jun at 7%. Modi had called the growth momentum a "herculean feat" Monday. He reiterated Tuesday that India showed resilience despite the uncertain global economic environment, which has seen repeated disruption since the COVID-19 pandemic. The RBI projects GDP growth at 6.7% for the current financial year. 

 

The 7.8% GDP growth in Apr-Jun came in when India faced one of the worst energy crises in decades due to the war in West Asia. It was exposed to energy supply and price shocks, given its dependence on countries in the Persian Gulf region for crude oil, liquefied petroleum gas, and liquefied natural gas supplies. Crude oil prices soared around 60% following the closure of the Strait of Hormuz since early March. Nearly half of India's crude and natural gas imports passed through this crucial waterway. 

 

The Indian rupee had fallen to a lifetime low of 96.96 in May, which also led the government and central bank to announce various schemes to boost foreign inflows. Modi had asked Indians to cut gold purchases at that time since India imports the gold it consumes, one of the highest in the world. The rupee has since then recovered and was at 94.82 on Tuesday.

 

Modi also urged Indians to believe in the "Wed in India" policy, a pitch he had made in May as well. He asked Indians to cut foreign travel for weddings and instead focus on ways to be self-reliant. According to the prime minister, a self-reliant India is essential to achieve the developed-economy-by-2047 landmark. "We have the policies in place, we have the intent in place...We must work together to achieve this shared goal," Modi said. End

 

US$1 = INR 94.82

 

Reported by Priyasmita Dutta

Edited by Akul Nishant Akhoury

 

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