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Modi urges fuel and gold cuts

Modi urges fuel and gold cuts

Indian Prime Minister Narendra Modi has appealed to citizens to stop buying gold for a year and cut fuel use to preserve the nation's foreign exchange reserves.

The call comes as the ongoing conflict in the Middle East drives up energy costs and threatens India's economic stability.

Opposition leaders have criticized the move, calling for the government to lead by example by reducing ministerial convoys and roadshows.

The bullion industry has also expressed concern, suggesting that encouraging gold recycling would be a more effective solution than curbing new purchases.

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Narendra Modi Prime Minister's Office, GODL-India
Narendra Modi
Prime Minister of India since 2014
India
Country in South Asia
Middle East
Geopolitical region encompassing Egypt and most of Western Asia, including Iran