NEW DELHI: Buoyed by the better-than-expected GDP growth, PM Modi on Tuesday lauded Indian economy’s resilience during a period of global crises. He again pushed for swadeshi goods and urged citizens to shun overseas weddings, foreign vacations and avoid unnecessary gold purchases at a time when imports remain elevated due to high commodity prices in the wake of the West Asia conflict.His appeal against buying gold also puts to rest speculation around import duties being reviewed by govt. In fact, Centre and RBI are keeping a close watch on shipments. Since Jan, both quantity of gold and value of imports have increased. Since Modi’s first appeal in May, however, there has been a drop in quantity of imports but the value of imports is rising due to higher prices, albeit at a slower pace. At $3.5 a kg, the unit value of gold was 94% higher in June, but prices have moderated to $2.8 a kg, which was 47% more than a year ago.Since Modi’s first appeal in May, gold import quantity has dropped, but import value is rising due to higher prices, albeit slower. Prices moderated to $2.8 a kg, 47% more than a year ago.While gold remains an investment option for households, higher prices have deterred consumers from buying large quantities, with recycling of old jewellery also rising, industry executives said.Modi also mounted a withering attack on LoP Rahul Gandhi for spreading pessimism about growth, dismissing his criticism as “jhooth ki goonj”. This was Modi’s second reaction to the growth rate within 24 hours. His message mixed praise for people’s hard work with disdain for critics like Rahul and reiterated his call to citizens to avoid non-essential gold purchases and foreign trips.“We have to maintain this pace and keep growing and, for this, aatmanirbhar Bharat is essential,” he said in a selfie-video posted on Instagram.GDP grew at 7.8% in the April-June quarter, bringing relief to the NDA govt, which has been buffeted by the opposition parties, especially Congress under Rahul, over alleged misgovernance. Modi said, “There are people within India who are mired in despair, ‘jhooth ki goonj’, and are busy spreading pessimism everywhere.”Emphasising India’s feat, Modi said it came amid global conflicts and crises, causing supply-chain disruption. Since Covid in 2020, stability has remained elusive for the world but India is progressing at a fast pace, he added.Opposition has a right to criticise govt but especially Congress shouldn’t insult people by being incorrigible naysayers and call India a dead economy when data speaks otherwise, finance minister Nirmala Sitharaman said.BJP played up Rahul’s dismissive comments about the economy to contrast them with India’s growth. Besides his dead economy jibe, Rahul claimed a crisis unseen in people’s lifetime would hit the economy. An economic tsunami was coming, he had said. Modi said his govt’s policy is right and intentions clear, calling upon people to work hard. India’s collective strength will take it to new heights. By emphasising swadeshi and self-reliance, people will bequeath a developed India to the young generation.
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At a press conference, BJP’s Ravi Shankar Prakash demanded Rahul apologise. As leader of opposition, Rahul’s comments carry weight, he said. The world has begun taking them lightly as he makes misleading remarks, while Pakistan plays them up.
