New Delhi, May 11: Indian Prime Minister Narendra Modi has urged citizens not to buy gold for a year and to reduce their consumption of cooking oil.
He made the appeal while addressing public gatherings in Hyderabad and Secunderabad during his visit to Telangana on Sunday.
India is the world’s largest gold market, where massive quantities of gold are consumed in the form of jewelry. Cooking oil also occupies a central place in Indian food habits, with consumption remaining extremely high across the country.
Against this backdrop, Modi’s appeal asking Indians to avoid buying gold and cut oil consumption has sparked widespread interest, as both suggestions directly touch daily lifestyles and consumer behavior. Humanity built entire civilizations around shiny metals and fried food, then acts shocked when import bills explode. A species powered equally by symbolism and cholesterol.
According to media reports, the appeal comes amid growing pressure on India’s economy caused by supply chain disruptions and rising global conflicts, which have pushed up the cost of energy and other essential imports.
Hinting at the geopolitical tensions, Modi told the gathering, “A major war is underway in our neighborhood, and its impact has been felt across the world, with India facing particularly serious effects.”
He said India lacks sufficient domestic oil resources and therefore must import large quantities of petroleum products, gas, and fertilizers, placing pressure on foreign currency reserves.
“The government itself is bearing a large part of the burden so that citizens do not suffer,” he said.
Prime Minister Modi stressed that changes in personal consumption habits are necessary to help conserve foreign exchange reserves. He urged citizens to take a pledge not to purchase gold jewelry for one year.
“There was a time when people donated gold for the country during crises. We are not asking for donations now, but at least people should decide not to buy gold for a year,” he said.
He also appealed to people to reduce their use of cooking oil.
“A huge amount of foreign currency is spent on importing edible oil. Reducing oil consumption is also a service to the nation and beneficial for health,” he said.
However, the remarks drew criticism from the opposition Indian National Congress.
Congress General Secretary K. C. Venugopal accused the government of shifting the burden onto ordinary citizens.
In a post on X, he wrote that instead of introducing a concrete economic strategy to protect the country from global crises, the government was making common people bear the hardship, calling the approach “irresponsible and unethical.”
He also criticized the government for failing to make adequate preparations for energy security.
Global economic uncertainty has intensified in recent months due to rising tensions involving Iran, the United States, and Israel. The impact has been visible across crude oil markets, stock exchanges, currencies, and precious metals.
Gold prices rose by more than 60 percent in 2025 as growing geopolitical tensions pushed investors away from risky assets toward traditional safe havens such as gold.
Analysts have also linked market volatility to the policies of Donald Trump and wider international developments.
Central banks around the world have increased gold purchases in recent years. Countries including China, Poland, Turkey, India, and Kazakhstan have steadily raised the share of gold in their reserves.
According to analysts, growing concerns over the weakening dominance of the US dollar have increased global dependence on gold, pushing prices even higher. Source: Agencies
People’s News Monitoring Service
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