Why PM Modi Asked Indians to Skip Gold and Foreign Travel?
What Happened? On Sunday, 10 May 2026, PM Modi appealed to Indians during a public event in Hyderabad to: Avoid buying gold for at least one year Reduce non-essential foreign travel for one year Use public transport, carpooling and work from home Farmers should reduce fertiliser use by up to half This was only an appeal, not a ban. Citizens are still free to buy gold and travel abroad. However, financial markets reacted sharply, and jewelry stocks such as Titan and Kalyan Jewellers reportedly fell up to 11%. Why Did This Happen? The major trigger is the rise in global oil prices after the US-Israeli conflict involving Iran that began on 28 February 2026. India imports around 85% of its oil requirements and pays for those imports in US dollars. As oil prices rise, India needs more dollars to pay import bills. At the same time: The rupee weakened close to record lows Foreign investors started withdrawing money from Indian markets The US dollar strengthene...
