‘Avoid unnecessary gold purchases’:Modi appeals again, says India’s 7.8% growth reflects citizens’ hard work

Prime Minister Narendra Modi congratulated the people of the country on India’s 7.8% economic growth. He said the achievement was the result of the people’s determination, hard work and collective strength. He said this in a video released on social media on Tuesday. The PM again appealed to people regarding gold purchases. He said, “If there is no need, one should not buy gold.” He had made a similar appeal on 11 May. Modi also praised the willpower and hard work of the people. He said this was a reflection of India’s collective strength. “But I congratulate the people of the country for their willpower and hard work. This is a reflection of our collective strength. The world is surrounded by wars.” PM says some people are trying to spoil the atmosphere using lies PM Modi said that some people within the country are trying to spread disappointment and spoil the atmosphere using lies. Despite overcoming all these challenges, India has achieved a growth rate of 7.8%. The country must maintain this pace and continue to grow rapidly. He said people should avoid travelling abroad for holidays and getting married abroad. People should move forward with the mantra of Make in India. If there is no need, people should not buy gold. PM said the more India focuses on domestic products and self-reliance, the more strongly the country will move forward. He expressed confidence that when India completes 100 years of independence, the country’s younger generation will be handed over a developed India. Why is PM Modi appealing to people not to buy gold? PM Modi is making this appeal to protect India’s foreign exchange reserves. India imports around 99% of the gold it uses from abroad. In 2025-26, India’s gold import bill was around ₹6.4 lakh crore. Gold ranks second, accounting for 9% of the total expenditure on goods imported from abroad. In 2025-26, India bought 4.76% less gold by volume than in the previous financial year, but the gold import bill rose by 24%. The biggest reason was the sharp rise in gold prices. Gold prices rose from $76,000 per kg to $100,000 per kg. At present, gold prices are around $152,000 per kg. Buying gold at these prices will rapidly reduce dollars in India’s foreign exchange reserves. Due to higher gold prices, gold importers are holding back and less gold is entering India. Around 100 tonnes of gold was bought in January, around 65 tonnes in February and around 22 tonnes in March. In April, only around 15 tonnes of gold is estimated to have been bought, which is among the lowest levels in the past 30 years. Domestic gold prices are above ₹1.50 lakh per 10 grams, affecting customers’ pockets. According to the World Gold Council, in the first quarter of 2026, India’s demand for gold for investment was higher than demand for jewellery. This means that if people do not buy gold, India’s import bill will fall. This will help keep the dollar stable in the foreign exchange reserves and prevent the rupee from weakening rapidly. Kharge attacks Modi over economy, says common people burdened by ‘3 Us’ Congress president Mallikarjun Kharge criticised Prime Minister Narendra Modi over his remarks on India’s GDP growth, saying the common people are burdened by “Unprecedented Unemployment, Unbearable Price Rise and Unbridled Inequality”. Kharge claimed unemployment among youth remains high, retail inflation has risen, and economic inequality has worsened. He also accused the Modi government of favouring crony capitalists and alleged that corporate loans worth over ₹16 lakh crore have been written off since 2014. Kharge further criticised Modi’s appeals to Indians to avoid unnecessary gold purchases and foreign travel, saying they reflect the economic difficulties faced by ordinary people.