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Why Modi is asking people in India to stop buying gold

The Independent·Namita Singh·20 days ago
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Prime minister Narendra Modi has made an unusual austerity appeal to India’s citizens in a bid to protect the economy from the impact of the ongoing US- Israel war on Iran . Speaking at a function in the southern city of Hyderabad over the weekend, the prime minister urged citizens to refrain from buying gold for a year as the war puts pressure on foreign exchange reserves of the country. Modi's remarks about gold came along with a range of other measures he urged, ​including fuel conservation, increasing working from home and limits on travel and imports. “It is time for us to use petrol, diesel and gas with great care,” Modi said. “We must make efforts to use only as much as is needed to save foreign currency and reduce the adverse effects of war crises.” Indians' affinity for gold is no secret. It’s used in weddings where gold jewellery is seen as a crucial part of a bride's attire and is a popular gift from family and friends.…

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