Austerity appeal

New Delhi (Gurpreet Singh): Prime Minister Narendra Modi’s recent call for national austerity has ignited a significant debate within India's bullion markets and among economic analysts. The Prime Minister urged citizens to curb unnecessary gold purchases and reduce petrol and diesel consumption in a strategic bid to safeguard the country’s foreign exchange reserves. While some economists view this as a necessary step to fortify national financial stability and reduce the trade deficit, the jewellery industry has expressed deep concern regarding the potential economic fallout for millions of workers. The All India Gem and Jewellery Domestic Council warned that a sharp…