Indian Prime Minister Narendra Modi said that unless necessary, the Indian people should avoid buying gold and once again respond to their previous appeal to limit demand for gold. Currently, the widening trade deficit and the weakening rupee are putting pressure on the Indian economy. At the time Modi made these remarks, local Indian media reported that the government is considering lowering import tariffs on gold and silver. Previously, higher tariffs had failed to curb the inflow of gold and silver. This is the second time this year that Modi has made a similar appeal. In May, he asked Indians to avoid buying gold for at least a year to save foreign exchange reserves. Gold is India's largest imported commodity after oil, and is also an important source of trade deficits. In the first four months of this fiscal year, which began in April this year, India's gold imports increased by more than 32% year on year, further increasing pressure on the rupee. India's trade deficit widened to nearly 32 billion US dollars in July, the highest level since January this year. Modi said in an online video: “If you don't need it, don't buy gold.” He said that as the war disrupts global supply chains, India needs to improve its economic self-sufficiency to maintain economic growth. He also urged people to buy local products and avoid going overseas for travel and weddings.

Indian Prime Minister Narendra Modi said that unless necessary, the Indian people should avoid buying gold and once again respond to their previous appeal to limit demand for gold. Currently, the widening trade deficit and the weakening rupee are putting pressure on the Indian economy. At the time Modi made these remarks, local Indian media reported that the government is considering lowering import tariffs on gold and silver. Previously, higher tariffs had failed to curb the inflow of gold and silver. This is the second time this year that Modi has made a similar appeal. In May, he asked Indians to avoid buying gold for at least a year to save foreign exchange reserves. Gold is India's largest imported commodity after oil, and is also an important source of trade deficits. In the first four months of this fiscal year, which began in April this year, India's gold imports increased by more than 32% year on year, further increasing pressure on the rupee. India's trade deficit widened to nearly 32 billion US dollars in July, the highest level since January this year. Modi said in an online video: “If you don't need it, don't buy gold.” He said that as the war disrupts global supply chains, India needs to improve its economic self-sufficiency to maintain economic growth. He also urged people to buy local products and avoid going overseas for travel and weddings.