New Delhi: Officials in the Union Ministry of Agriculture and Rural Development have decided to refrain from purchasing gold for the next one year, citing the country’s economic situation.
The move comes amid disruptions to global supply chains linked to the West Asia conflict, which has pushed up India’s import costs. With gold imports accounting for a significant outflow of foreign exchange, the Centre has been urging restraint in non-essential spending.
Prime Minister Narendra Modi recently called for economy measures such as reducing petrol and diesel consumption, increasing the use of electric vehicles, and encouraging work-from-home practices to help conserve foreign exchange.
Following the Prime Minister’s appeal, a review meeting chaired by Union Agriculture Minister Shivraj Singh Chouhan was held the day before yesterday. In the meeting, officials agreed to avoid buying gold for a year.
The ministry also decided on additional steps, including allowing 20% of staff to work from home on a rotational basis, promoting shared travel in a single vehicle for officials, and conducting meetings through video conferencing.
