By Admin 
PM Modi Appeal on Gold Petrol Diesel: In the era of global economic uncertainties, Prime Minister Narendra Modi made several appeals to the people of the country on 10 May. PM Modi said not to buy gold for the next one year. He also appealed to reduce the use of petrol, diesel and edible oil. PM Modi also called upon people to postpone foreign trips. Now understand from the figures why PM Modi had to make such an appeal. What is the real reason for this?
In fact, every year India buys crude oil worth Rs 15 lakh crore from abroad and also buys gold worth Rs 7 lakh crore. The government has to pay this price in dollars. The big thing is that crude oil and gold together account for more than 30 percent of the country’s import bill.
The more you buy, the more the demand for dollars will increase.
Now understand in simple language. The more the purchase of oil and gold, the more the demand for the dollar increases and the more the demand increases, the more the price of the dollar also increases. Our rupee directly becomes weak. Now the more the rupee falls, the more expensive it becomes to buy crude oil and gold. Today the value of dollar is around Rs 96.
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huge pressure on the economy
In fact, after the Iran war, there is huge pressure on India’s external economy. Within just two months of the start of the war, India’s foreign exchange reserves fell by approximately $38 billion to $691 billion. Currently, crude oil prices in the global market remain above $100-105 per barrel, due to which India’s import bill is increasing.
India’s gold import bill has almost doubled to $72 billion in the financial year 2025-26, which was $35 billion in 2022-23, an annual increase of 24 percent. The money going out of India for foreign trips and other expenses has increased significantly. About 15 billion dollars have been spent on foreign travel alone. In such a situation, if the public reduces the purchase of gold by 30 to 40 percent, then about 20 to 25 billion dollars of foreign exchange of the country can be saved.
People of these states buy the most gold in India, know where the maximum production takes place
Know the intentions of the government also
The purpose of this appeal by Prime Minister Narendra Modi is to control the import bill by bringing about a change in the thinking of the public without any immediate financial strictness like increasing import duty. This will help in reducing the current account deficit and providing stability to the rupee. As an alternative to this, the government is considering promoting ‘Gold Monetization Scheme’, so that the waste gold kept in homes can be brought into the mainstream of the economy.