Why Modi Wants Indians to Cut Back on Gold and Foreign Travel In a rare display of fiscal candor, Prime Minister Narendra Modi has urged Indians to cut back on discretionary spending, particularly gold purchases and foreign travel.
The move comes as the ongoing conflict in Iran continues to disrupt global oil flows, putting pressure on India's already strained balance of payments.
The Indian economy has long been vulnerable to external shocks, with 90% of its crude oil imports coming from abroad. This reliance makes it susceptible to price fluctuations in global markets.