Narendra Modi urges Indians to curb gold and silver purchases
Business
Prime Minister Modi is urging everyone to cut back on buying gold and silver, since soaring imports are putting a strain on India's economy.
With global tensions driving up prices, gold imports have jumped from $9.7 billion in 2016-17 to nearly $69 billion in 2025-26, mostly from Switzerland, the UAE, and Peru.
Silver imports have also spiked big time, from just $40 million to over $11 billion.
India's export slump squeezes forex reserves
India is not exporting much gold or silver either (exports have dropped sharply), which means we are spending way more than we are earning.
Add in expensive oil (thanks to conflicts in West Asia), and India's foreign exchange reserves are feeling the heat.
That is why the government wants us all to rethink those shiny purchases for now.