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ExplainSpeaking: Why PM Modi’s call to save forex could slow down India’s growth

The Indian Express·Udit Misra·21 days ago
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Prime Minister Narendra Modi has urged Indians to save foreign exchange (forex) by any means necessary. In a recent speech, he called on Indians to stop buying gold for a year. Imports of gold are a huge reason why Indians demand forex. In the same vein, he has also urged Indians to work from home in a bid to reduce the consumption of imported crude oil — another big drain on forex. He also urged Indians to cut back the use of edible oil in their food by 10%; he said this will not only cut back on the import of edible oils and save forex but also improve the health of Indians. He also urged the farmers to cut back on the use of chemical fertilisers by half if possible; he said that too much use of chemical fertilisers was ruining soil health, and instead advocated the farmers should shift to natural farming. He also took this opportunity to underscore the need for buying “made in India” products and focusing on “swadeshi” products and being “vocal for local” instead of buying imported goods of everyday use.…

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