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Why PM Modi asked Indian families not to buy gold for a year?

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Updated on05/12/26

Narendra Modi recently appealed to Indians to reduce gold purchases for one year mainly because India imports massive amounts of gold using foreign exchange reserves. With rising geopolitical tensions in West Asia increasing pressure on oil prices and imports, the government wants citizens to help reduce unnecessary foreign currency outflow.

Gold imports heavily impact India’s trade deficit, especially during wedding seasons. The Prime Minister’s message is being viewed as an economic cautionary step rather than a ban. People have shown mixed reactions. Some people support the national-interest appeal, while others feel gold remains emotionally and culturally important for Indian families. Even the 7 big appeals also mentioned choosing work from home for companies.

Ved Tiwari

Two decades of chartered accountancy — turning complex financial and business realities into writing that professionals and decision-makers can actually use.

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Ved Tiwari is a Chartered Accountant (CA) and finance writer with over 20 years of professional experience in taxation, auditing, financial planning, and business advisory. He is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) — one of the most rigorous professional qualifications in Indian finance — and holds a Bachelor of Commerce (B.Com Honours) from Shri Ram College of Commerce (SRCC), Delhi University. His content covers personal finance, corporate taxation, GST, investment strategy, business compliance, financial planning, and India's evolving regulatory and economic landscape. His work has appeared on platforms including Moneycontrol, The Economic Times Wealth, and CA Club India, where he writes for finance professionals, business owners, and informed readers who need content built on two decades of real-world financial practice — not surface-level commentary. Over 20 years, Ved has advised hundreds of businesses and individual clients on taxation, audit compliance, and financial restructuring. He has handled complex multi-crore audits, represented clients before tax authorities, and guided startups and established firms through India's regulatory environment. He has published 400+ articles on finance and business, spoken at ICAI seminars and industry finance conferences, and is a practising member of the ICAI Western Region chapter. Across all his writing, every figure is verified, every regulatory reference is current, and every recommendation reflects the same professional standard he applies to his clients — because in finance, accuracy is not optional.