PM credits public resolve for 7.8% GDP growth, urges austerity to protect forex
PM Modi hailed India's 7.8% Q1 GDP growth despite global instability, urging citizens to avoid gold purchases and foreign travel to safeguard forex reserves.
Prime Minister Narendra Modi has attributed India's 7.8% GDP growth in the April-June quarter to the nation's collective resolve and policy direction, while renewing a personal appeal for economic restraint.
In a social media post, the Prime Minister noted that global conditions have remained turbulent since the COVID-19 pandemic, yet India has continued to advance. He pointed to ongoing wars and conflicts worldwide as a backdrop to the country's economic performance, asserting that the growth reflects the strength of the people and the government's intentions.
Modi also took aim at what he described as persistent negativity and falsehoods spread by certain individuals, stating that progress continued despite such efforts.
Reiterating his 'vocal for local' message, the Prime Minister urged citizens to avoid foreign holidays and weddings unless necessary, and to refrain from buying gold, in order to conserve foreign exchange reserves. He framed these choices as part of a broader push for Swadeshi and self-reliance.
According to official data, GDP expanded by 7.8% in the first quarter of the current fiscal year, faster than the 6.9% recorded in the same period last year, though slower than the 8.6% growth seen in the preceding quarter.
This latest appeal follows a seven-point austerity request made by the Prime Minister in May, aimed at protecting the economy amid energy and oil supply disruptions linked to the West Asia conflict.