Why did PM Modi say do not buy gold for 1 year? Know the reason behind and will cancel the pre-order also

PM Modi: In view of the deepening crisis in West Asia and increasing pressure on the global energy market, Prime Minister Narendra Modi appealed to people to work from home, reduce oil consumption, reduce foreign travel and reduce gold purchases. Speaking in Telangana on Sunday, Prime Minister Modi appealed to the people to adopt measures beneficial for the country to mitigate the economic impact of the US-Iran war and the ongoing instability around the Strait of Hormuz.

The Prime Minister appealed to people to use less petrol and diesel, prefer public transport, carpool whenever possible and resume COVID-19 era habits like virtual meetings and work-from-home. He also appealed to people to avoid foreign holidays, destination weddings and non-essential gold purchases for at least a year. Let us know

Why did PM Modi appeal?

• Prime Minister Narendra Modi appealed to the people to use petrol, diesel and gas wisely and sparingly. He said that the biggest need of the hour is to reduce India’s dependence on imported fuel, so that the country is less affected by global crises and wars.
• PM Modi said that during the COVID-19 pandemic, the country adopted systems like work from home, online meetings and video conferencing. Now, considering the current situation, there is a need to give priority to these systems again, because this will save fuel and strengthen the interests of the country.
• He said that the prices of petrol and diesel are increasing rapidly across the world, due to which the foreign exchange burden on India is increasing. Therefore, it is the responsibility of every citizen to contribute to strengthening the country’s economy by saving fuel.
• The PM appealed to the people of metro cities to use public transport as much as possible. He said that where metro services are available, they should use metro instead of their personal vehicles and if traveling by car is necessary, they should adopt carpooling.
• He advised to give priority to railways for freight transportation. PM said that electric trains reduce dependence on petrol and diesel, hence the use of railways should be increased in the transport sector.
• PM Modi expressed concern over the increasing trend of weddings and tourism in foreign countries. He said that in the current crisis, people should postpone marriages or non-essential foreign trips for at least a year, giving priority to the interests of the country.
• He also appealed to the people to maintain control while buying gold. The PM said that the country has to spend a lot of foreign currency on the import of gold, hence families should avoid buying gold for functions for a year.
• Referring to the increasing expenditure on edible oil imports, the Prime Minister said that if every household reduces the use of edible oil, it will save the country’s foreign exchange and have a positive impact on the health of the people.
• PM Modi expressed concern over the excessive use of chemical fertilizers, noting that India imports large quantities of chemical fertilizers from abroad. He appealed to the farmers to reduce the use of chemical fertilizers to half and move towards natural farming.
• Describing energy security as a major need of the future, the Prime Minister said that India is rapidly promoting solar energy, ethanol blending, piped gas and CNG-based transport systems. He said that because of these efforts, India is able to face the global energy crisis more strongly than before.

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