For the second time in Modi's year, the people of India were urged not to buy gold

On 1 September, Prime Minister Modi of India stated that, unless necessary, the people of India should refrain from buying gold and once again respond to their earlier calls for restrictions on the demand for gold, and that the growing trade deficit and weak rupees were putting pressure on the Indian economy. At the time of Modi ' s statement, local Indian media reported that the Government was considering a reduction in the import duties on gold and silver, which had previously failed to curb the inflow of gold and silver. This is the second such appeal by Modi this year. In May, he had asked the Indian people to avoid buying gold for at least one year in order to save foreign exchange reserves. Gold is the largest import after oil in India and an important source of trade deficits. India's gold imports increased by more than 32 per cent over the previous four months, starting in April this year, further exacerbating the pressure on the rupees. India ' s trade deficit expanded to nearly $32 billion in July, the highest level since January this year. Modi said in the video on the Internet: “If not necessary, buy no gold.” As the war disrupted global supply chains, he said, India needed to increase its economic self-sufficiency in order to sustain economic growth. He also called on the population to purchase indigenous products and to avoid travelling abroad for tourism and weddings。