economictimes.indiatimes.com ·
Pm Modi Wants Indians to Buy Less Gold but Jewellers Suggest Three Ways to Save Forex Without Any Sacrifices
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AI insight
AI-generatedIndia's PM urged citizens to reduce gold purchases to curb forex outflows. Jewellers proposed a bullion bank, gold ETF lending, and revamping the gold monetisation scheme to reduce imports without sacrificing demand. The mechanism is regulatory/policy-driven, targeting gold import volumes and domestic gold recycling. Impact is India-specific, affecting gold importers, jewellers, and the current account. If implemented, gold imports could decline, easing trade deficit pressure but potentially squeezing domestic gold supply in the short term.
Signals our AI researcher identified
Extracted by our AI model from this article and related public sources — not direct quotes from the publisher.
- India's gold imports reached a record USD 71.98 billion in 2025-26.
- Gold imports account for over 9% of India's total imports.
- India's trade deficit was USD 333.2 billion in 2025-26.
- Current account deficit stood at USD 13.2 billion.
- All India Jewellers and Goldsmith Federation proposed a bullion bank within GIFT-IFSC.
Policy implementation may not structurally reduce Indian gold imports, leading to flat global prices.
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Sector impact at a glance
- COMMODITY_GOLDmid
- EM_MARKETSmid
- GLOBAL_BANKINGmid
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