PM Modi Credits India’s 7.8% Q1 Growth to National Resolve
· India · The Hindu, Indian Express
Prime Minister Narendra Modi announced that India’s GDP grew by 7.8% during the April-June 2026 quarter, describing the performance as a success despite global economic instability and ongoing conflicts. The growth rate surpasses the 6.9% recorded in the same period last year, though it marks a decline from the 8.6% expansion seen in the January-March 2026 quarter. In a video message, the Prime Minister urged citizens to prioritize domestic goods and refrain from purchasing gold unless absolutely necessary to help preserve the nation's foreign exchange reserves. He also advised against foreign holidays and weddings to further support the country's self-reliance goals. This appeal follows a seven-point austerity plan issued by the Prime Minister in May 2026 to protect the economy from energy and oil price shocks.
Why it matters
The government's push for austerity and local consumption aims to stabilize foreign exchange reserves amid global energy crises, directly influencing household spending habits and the domestic gold market.
Read the original report — The Hindu
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