PM Modi’s Gold Advice Sparks Debate: Economy First, But What About Goldsmiths?

Prime Minister Narendra Modi has once again urged Indians to focus on strengthening the domestic economy by prioritising Indian-made products, limiting unnecessary foreign travel and avoiding non-essential gold purchases.

During an official visit, Modi shared a video message on social media in which he highlighted India’s strong economic performance and reiterated his call for citizens to contribute to the country’s journey towards becoming a developed nation.

The Prime Minister pointed to India’s reported GDP growth of more than 7.8%, describing the performance as remarkable at a time when several parts of the global economy are facing challenges. He stressed that India’s economic progress should be supported by greater reliance on domestic products and services.

Modi once again promoted the idea of ‘Made in India’ and ‘Vocal for Local’, while advising citizens to avoid unnecessary overseas leisure trips, foreign destination weddings and non-essential purchases of gold. According to the broader message, reducing spending that takes money out of the domestic economy could help strengthen India’s economic resources.

However, the appeal has also raised questions among sections of the public, particularly those whose livelihoods are directly connected to the gold industry. Goldsmiths, jewellery manufacturers, traders and workers associated with the sector depend heavily on gold purchases and jewellery-making for their income.

For these communities, a continued public campaign encouraging people to reduce gold purchases could potentially affect demand and, in turn, impact their livelihoods. This has led to a debate over how such economic messaging can be balanced with the interests of traditional industries and workers dependent on consumer spending.

Modi has repeatedly spoken about reducing India’s dependence on gold and encouraging people to spend more within the domestic economy. He has also promoted the idea of celebrating weddings in India rather than choosing foreign destinations.

The larger question now is how the public will respond to the Prime Minister’s latest appeal. While supporters may see it as a push towards self-reliance and stronger domestic consumption, others are questioning its possible impact on sectors such as the gold and jewellery industry.

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