When you ask accountability, PM says 'dimagi naxal': Rahul on Delhi PG collapse

Prime Minister Narendra Modi has once again urged Indians to avoid purchasing gold unnecessarily, delay non-essential foreign travel, and opt for domestic destinations for weddings, emphasizing the importance of self-reliance amid global uncertainties. Making the appeal in a video message from Bishkek during the Shanghai Cooperation Organisation (SCO) summit, Modi highlighted India’s robust economic performance despite ongoing global conflicts, supply chain disruptions, and energy market instability. His remarks came days after official data showed India’s GDP expanding at 7.8% in the April-June quarter, surpassing expectations and reinforcing the government’s narrative of resilience. Modi’s appeal included specific advice to citizens: if traveling abroad is for leisure, they should avoid it. Similarly, he discouraged overseas weddings, stating that such events often involve substantial foreign currency outflows. Regarding gold, he emphasized that purchases should be limited to necessity, citing concerns over foreign exchange depletion. These calls align with his broader “Atmanirbhar Bharat” (self-reliant India) vision, promoting domestic consumption and reducing reliance on imports. The immediate economic concern driving Modi’s appeal is the significant amount of foreign exchange spent on imported gold. India depends heavily on overseas supplies to meet its gold demand, making bullion one of the country’s largest import items after crude oil. Increased gold imports contribute to the trade deficit and place pressure on the rupee, especially when global demand for dollars is high. This year alone, gold imports have surged by over 32% compared to the same period last year, exacerbating the situation. Gold imports have risen sharply this year. Shipments in the first four months of the financial year beginning in April were more than 32% higher than a year earlier, according to the latest inputs. At the same time, India's merchandise trade deficit widened to nearly $32 billion in July, its highest level since January. That makes gold particularly important from a policy perspective. Unlike an imported machine, technology or industrial input that can potentially contribute to future production, much of India's gold demand is for savings, weddings and religious or cultural purposes. India is also the world's second-largest bullion buyer. This means even a modest change in consumer demand can have a significant impact on the import bill. Why does this matter more when oil prices are high? Gold is only one part of India's external-payments challenge. India imports more than 88% of its crude oil requirements, so a sustained rise in international oil prices immediately increases the country's import bill. The continuing war in West Asia and disruption around the Strait of Hormuz have kept energy markets vulnerable to further shocks. When the oil bill rises sharply, India needs more dollars to pay for imports. If gold imports rise at the same time, the pressure on the trade balance and the rupee becomes greater. Modi's latest appeal is consequently part of the same broader swadeshi argument: where an expenditure can reasonably be made in India, consumers should consider doing so. His call is aimed specifically at non-essential travel. He is not asking Indians to stop all overseas travel, but to reconsider leisure trips and destination weddings. The focus is on redirecting funds toward domestic sectors, thereby supporting the local economy and reducing dependency on foreign currencies. The renewed call comes amid a sharp increase in gold imports. According to the latest government data, gold imports rose 32.4% to $15.17 billion in the first four months of the current financial year, from $11.46 billion in the corresponding period of 2025-26. In rupee terms, gold imports during April-July 2026 stood at more than ₹ 1,43,880 crore, up about 46.5% from ₹ 98,239 crore a year earlier. Experts weighed in on the significance of Modi’s statements. Ajay Sahai, director general and chief executive of the Federation of Indian Export Organisations (FIEO), noted that while imports of raw materials and intermediate goods are necessary to support manufacturing and exports, non-essential imports should be restrained. He pointed out that gold is primarily an unproductive asset in India and should only be imported if it serves productive purposes. Additionally, Sahai encouraged greater domestic spending on tourism, arguing that exploring India’s diverse cultures and landscapes supports the national economy rather than diverting resources abroad. India’s trade deficit is significantly influenced by gold imports, which rank among the country’s largest imports. In July, merchandise exports rose 19.63% year-on-year to $44.24 billion, while imports increased 17.52% to $76.22 billion, pushing the merchandise trade deficit to a six-month high of $31.98 billion. To curb excessive gold imports, the government had previously raised customs duties on precious metals, including gold and silver, to 15% from 6%, aiming to conserve foreign exchange for essential imports such as energy and fertilizers amid the protracted war in West Asia. Modi’s appeal also appears to be a response to criticism from political opponents, notably Rahul Gandhi of the Congress party. During his Instagram post, Modi referenced the “echo of lies” being spread, a veiled critique of Gandhi’s “Chhatron Ki Goonj” campaign aimed at engaging with the youth. Modi framed India’s economic success as a direct counter to such pessimistic narratives, asserting that the nation’s progress is a result of collective effort and sound policy-making. The Prime Minister’s repeated calls for self-reliance and reduced dependence on foreign imports reflect a strategic approach to managing India’s economic vulnerabilities amidst global turbulence. With the upcoming SCO summit and international engagements, Modi’s emphasis on domestic priorities underscores a commitment to fostering sustainable economic growth rooted in indigenous capabilities and resourcefulness.