Modi Urges Indians to Give Up Gold and Save Fuel. “It’s Hard for Us to Cut Gold Purchases,” Consumers Say
Rising energy prices, the Middle East conflict, pressure on the economy and currency reserves — a call to work from home and use carpooling
As reported by CCTV+, Indian Prime Minister Narendra Modi has called on citizens to reduce fuel consumption and refrain from buying gold. The reason — rising energy prices and the conflict in the Middle East, which are putting pressure on the country’s economy and foreign exchange reserves.
Speaking at a rally in the southern state of Telangana on May 10, Modi urged people to avoid petrol and diesel consumption where possible, refrain from buying gold for the next year, work from home and use carpooling to help reduce the country’s import bill.
One consumer said: “It’s hard for us to cut gold purchases. In our culture, we buy gold during festivals, whether small or large events. We buy jewellery.” Naresh Bansal, a business owner, commented on the broader impact of the policy: “Many industries such as jewellery, transport and tourism, as well as the travel industry, will feel the consequences of this appeal. But I think it is a good decision for the country. Compared to other countries, our government is keeping inflation under control, even though we have been hearing about price rises elsewhere for some time.”
India typically imports nearly 85 percent of its crude oil needs and is one of the world’s largest gold importers.
85 percent of its oil comes from abroad. Huge amounts of gold are also imported. Modi is asking his fellow citizens to tighten their belts. Don’t buy gold. Drive less. Work from home. Because the conflict in the Middle East is hitting every Indian’s pocket. But businessman Bansal says: “It’s a good decision.” The consumer sighs: “It’s hard for us to give up gold.” Culture versus economics.
Tradition versus reality. The question is not whether Indians will listen to their prime minister. The question is how many more countries will be forced to introduce such measures. While tankers are not moving through Hormuz, gold remains gold. And petrol — a luxury.
