Business
PM Modi urges Indians to curb gold purchases to support rupee
Prime Minister Narendra Modi has appealed to citizens to reduce gold buying for a year, citing its impact on the rupee and the economy.
Prime Minister Narendra Modi has publicly appealed to Indian consumers to scale back their gold purchases for the coming year.
India imports roughly 800 to 1,000 tonnes of gold each year, making the metal one of the largest foreign exchange outflows.
The government says the high demand for gold contributes to the depreciation of the rupee, putting pressure on the country's balance of payments.
By asking citizens to limit buying gold, the prime minister aims to strengthen the economy and support the currency, officials said.
India imports roughly 800 to 1,000 tonnes of gold each year, making the metal one of the largest foreign exchange outflows.
The government says the high demand for gold contributes to the depreciation of the rupee, putting pressure on the country's balance of payments.
By asking citizens to limit buying gold, the prime minister aims to strengthen the economy and support the currency, officials said.