Indian economy: Why Modi wants Indians to buy less gold and travel less

Prime Minister Narendra Modi urged Indians to reduce their consumption of gold, foreign travel, fuel, and other goods as the war in Iran has led to increased energy prices. The appeal, delivered at a public event in Hyderabad on Sunday, comes amid concerns about India's economic vulnerability due to its heavy reliance on imported oil and gas. The country's forex reserves have fallen by $38 billion since the war began, and economists warn that continued pressure on the rupee could lead to further economic hardship. Modi is asking Indians to voluntarily consume less in the national interest, but some economists argue that shielding consumers from price increases will worsen shortages and slow down the transition to renewable energy sources.