00:00Until the year until the year, no one has ever been in the house, we will not buy our clothes,
00:09we will not buy our clothes.
00:12Prime Minister Narendra Modi is calling on Indians to hold off on gold purchases for a year
00:17as the country grapples with the economic fallout of the ongoing war in the Middle East.
00:22That includes weddings, festivals and family celebrations.
00:26And in a country like India, that's not a small ask.
00:30Not only is gold central to religious offerings and festivals, it's also the primary way millions of people save and
00:37invest.
00:37India is the second largest gold consumer in the world, importing over 700 tons last year.
00:43It also happens to be one of the country's biggest imports, second only to oil.
00:48Just as the pressure was building, Indian banks were unable to import gold for a month
00:52after administrative delays froze shipments at customs.
00:56A meaningful drop in gold purchases could help narrow the trade deficit and ease pressure on the rupee.
01:02Modi has also urged citizens to work from home where possible, cut back on foreign vacations and curb fuel consumption.
01:09Energy prices have surged since the war began.
01:12With India heavily dependent on oil imports, the impact has been severe.
01:17That growing strain on the economy may be driving Modi's appeal.
01:21The government has Aldon on Italy, a stronghold of two-time켓ies and Mondria.
01:23The American people who have been ill for diabetes.
01:23The Japanese people have been ill, and they've been ill.
01:23The world in the world is atrends.
01:24This is a great way to protect us.
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