economy
MODI CALLED ON CITIZENS FOR A YEAR WITHOUT BUYING GOLD: Measure could shake billion-dollar industry and affect millions of jobs
Indian Prime Minister Narendra Modi today called on Indian citizens not to buy gold jewelry for a year, in order to protect the country's trade balance, which is threatened by rising oil import prices due to the war with Iran.
TL;DR
- Prime Minister Modi called on Indians to avoid buying gold jewelry for a year.
- The measure aims to protect the country's trade balance, threatened by rising oil prices.
- Avoiding gold purchases could help preserve foreign exchange reserves.
- India is one of the world's largest importers of gold, with the industry valued at nearly $100 billion.
- The move could significantly impact the jewelry and gold retail sector, affecting millions of jobs.
- India has been trying to reduce gold imports to mitigate its current account deficit, a situation worsened by rising oil prices.