Nagpur: Prime Minister Narendra Modi’s recent appeal asking citizens to avoid unnecessary gold purchases for the next one year has triggered discussions across the country. However, leading voices from the jewellery industry say there is no reason for panic and that the statement should be viewed from an economic perspective rather than as a restriction.
Supporting the Prime Minister’s remarks, Rajesh Rokde, Chairman of the All India Gems and Jewellery Domestic Council and a prominent jeweller from Nagpur, said the appeal is aimed at strengthening the country’s economy and reducing pressure on foreign exchange reserves.
Speaking to the media, Rajesh Rokde explained that India imports a massive quantity of gold every year, resulting in a significant outflow of foreign currency. According to him, the Prime Minister’s message is intended to encourage economic balance and reduce excessive dependence on imports.
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May 11- 2026 - Time 10.30Hrs
Rokde further said that gold today is not limited to jewellery or tradition alone, but has increasingly become a preferred investment option for many families. As a result, demand for gold continues to rise steadily across the country.
Need to Strengthen Gold Monetisation Scheme
Rajesh Rokde also urged the Central Government to implement the Gold Monetisation Scheme more effectively. He pointed out that a huge quantity of gold remains idle in Indian households and could be brought into the financial system.
He stated that if nearly 30,000 to 40,000 tonnes of idle household gold is channelled into the economy, India’s dependence on gold imports could reduce substantially, further supporting the vision of an “Atmanirbhar Bharat.”
At the same time, Rokde assured citizens that there is absolutely no shortage of gold in the market and appealed to people not to believe rumours.
“The market is stable, gold is available, and the government’s intention is to strengthen the economy,” he said.
Meanwhile, economic experts believe that if citizens diversify investments into banks, SIPs, stock markets, and government-backed schemes instead of excessive gold buying, it could significantly boost domestic capital generation and strengthen India’s financial ecosystem.
