India’s 7.8% GDP Growth: PM Modi Urges Citizens to Buy Local, Avoid Gold Imports and Foreign Travel

Prime Minister mentioned that since 2020, when COVID-19 hit the world, there is no stability anywhere. The world is in war, and the chain of supplies is broken. However, despite all that, India is moving ahead fast. But some people are drowned in depression. We have to sustain this momentum, and self-reliance is necessary for that.

Due to the ongoing war in Europe and West Asia, fast growth of the country is not possible only through exports. Commerce and Industry Minister Piyush Goyal also believes that while our exports are certainly increasing, our economy is not yet export-driven. The country's Chief Economic Advisor told the US late Monday night that the crisis in West Asia may continue for longer than anticipated.

In such a situation, there is always a risk regarding crude oil supply. Rising prices of petrol, diesel, and gas will lead to a decline in private consumption in Europe and the US, which could impact our exports.

Experts say that, on the other hand, the country has a middle class of approximately 400 million, which surpasses many European countries in purchasing power parity. If a country with a population of 1.4 billion adopts Swadeshi, it will further accelerate our manufacturing, creating jobs and demand, while also saving our foreign currency. Adopting Swadeshi will reduce imports.

According to economic experts, increased gold purchases lead to increased imports, and when gold purchases decrease, people will use that money to purchase other valuable goods, generating demand in the economy.

When people travel abroad unnecessarily, they not only spend on food and drinks, but also on shopping. This does not benefit our country's economy.

The Prime Minister has advised against organizing weddings abroad, as weddings involve various expenses and provide opportunities for various sectors to provide services. All these measures will save our foreign currency, strengthening the rupee against the dollar.

The Prime Minister took to task those criticising India's economy after it achieved a growth rate of 7.8 per cent in the first quarter.