Prime Minister Narendra Modi has appealed to citizens to avoid buying gold jewellery for one year as part of efforts to reduce pressure on India’s foreign exchange reserves amid rising global economic uncertainty and the ongoing West Asia crisis.
Speaking at a public gathering in Hyderabad, PM Modi said India spends a massive amount of foreign currency on gold imports every year. With crude oil prices rising due to geopolitical tensions, the country is facing increased pressure on imports and dollar outflow.
The Prime Minister urged people to treat the situation as a matter of “economic patriotism” and contribute by reducing non-essential spending on imported products like gold. He also appealed to citizens to save petrol and diesel by using public transport, carpooling, work-from-home arrangements and electric vehicles wherever possible.
Gold Rate
May 11- 2026 - Time 10.30Hrs
PM Modi further advised people to avoid unnecessary foreign travel, overseas vacations and foreign weddings for the next one year to help conserve foreign exchange reserves. He encouraged citizens to support “Made in India” products and strengthen the domestic economy.
According to reports, India imports nearly 85% of its crude oil requirements and remains one of the world’s largest gold importers. Rising oil prices and supply chain disruptions linked to the Middle East conflict have increased concerns over inflation and import costs.
