Indian Prime Minister asks Indians not to buy gold for 1 year

[pmbug]

Prime Minister Narendra Modi on Sunday appealed for collective participation of the people to help the country face global disruptions and challenges, urging measures to reduce the consumption of petroleum products and conserve foreign exchange reserves.

Addressing a public meeting in Hyderabad, the PM asked citizens to use public transport as much as possible, increase the use of electric vehicles (EVs), revive Covid-era measures such as work-from-home arrangements and virtual meetings, avoid non-essential foreign travel and gold purchases for a year, and prioritise local goods, among other measures.
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... He urged people to refrain from the practice of buying gold during festivals for a year.
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Revive Covid-time WFH methods, avoid foreign travel for a year: PM Modi’s appeal to people amid West Asia crisis

At rally in Telangana, he urged people to use metros, car pooling, and reduce dependence on petroleum products and foreign currency.

indianexpress.com

I'm guessing India imposes import quotas or raises import duties for gold and silver soon.

 

[Fatrat]

Sure Mr. Politician, just stop inflation for a couple of years...

 

[pmbug]

This isn't the first time India has had this problem. The last time around, they increased import duties to raise prices and curb domestic demand. That stoked smuggling and gave us a fertile field for jokes.

 

[nickndfl]

Gold imports created a huge trade imbalance and since the rupee is not a reserve currency or can buy anthing outside of India puts them up the creek.

If you ever wondered why so many Indian businesses in the US were low budget, dirty operations it's not just they are run by scavengers it's also because even if they breakeven in the US rhey are still ahead in a currency swap when earning dollars.