Addressing a gathering in Secunderabad on Sunday (May 10), Prime Minister Narendra Modi appealed to citizens to avoid unnecessary gold purchases for the next one year, so as to reduce the pressure on India’s foreign exchange reserves. After this appeal of the Prime Minister, there was a big fall in the shares of the jewelery sector on Monday. Shares of companies like Titan Company, Kalyan Jewellers, Sky Gold and Bluestone Jewelery and Lifestyle fell by up to 12 per cent.
By 1 pm, shares of Titan Company were trading at Rs 4,233, down 6.11 percent. At the same time, shares of Kalyan Jewelers fell by 8.91 percent to Rs 387. Sky Gold shares were down 7.84 per cent at Rs 498.80, while Bluestone Jewelery & Lifestyle shares were trading at Rs 475, down 5.64 per cent.
Prime Minister Narendra Modi said in his address that in the current circumstances, saving foreign exchange has become very important for the country. He appealed to the citizens to avoid buying unnecessary gold for the next one year, so that the pressure on the country’s foreign exchange reserves can be reduced.
Referring to India’s dependence on imported fuel, Prime Minister Modi said that it is important to give priority to saving fuel, cutting unnecessary expenses and using goods manufactured in India. Along with this, he again appealed to adopt work from home, online meetings and virtual conferences like the measures adopted during the Covid-19 period, so that unnecessary travel and fuel consumption can be reduced.
Prime Minister Modi also urged citizens to avoid foreign trips and destination weddings and instead promote domestic tourism and local spending.
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