Why Does PM Modi Want Indians to Stop Spending Abroad? Explained ft. Varun | Jist

By Jist

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India’s economy recorded a strong 7.8% real GDP growth in the April-June 2026 quarter, even as the global economy continues to face geopolitical tensions, supply-chain disruptions and economic uncertainty. But from Kyrgyzstan, Prime Minister Narendra Modi made another unusual appeal to Indians to avoid buying gold unless necessary, reduce non-essential foreign travel and choose India over foreign destinations for weddings. Gold is particularly important because India imports around 99% of its gold. In FY2025-26, India’s gold import bill rose by around 24% despite the country importing 4.76% less gold by volume. With gold and other imports requiring foreign currency, higher demand can put pressure on India’s forex reserves and the rupee. In this video, we explain why PM Modi is repeatedly asking Indians to buy less gold, avoid unnecessary foreign spending and “Wed in India"; how these personal spending choices are connected to the dollar, rupee, inflation and India’s import bill; and

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