Can Indians Give up Gold Buying, As Urged by PM Modi? | Vantage on Firstpost | 4K

Gold in India is not just a metal, but a deep cultural and financial tradition tied to weddings, festivals, and family security. Even when PM Narendra Modi advised reducing discretionary gold buying to ease economic pressure, it was interpreted through tradition. India consumes 700–800 tonnes annually but produces very little, relying heavily on imports. This drains foreign exchange reserves and widens the current account deficit, weakening the rupee. Despite policy attempts like past import controls, demand persists. Economists suggest recycling and financialisation of gold, but ultimately, India’s gold habit reflects a deeper trust gap in alternative investments.

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