Prime Minister Narendra Modi’s renewed appeal to Indians to avoid non-essential gold purchases, foreign travel and overseas weddings has sparked considerable debate on social media. Explaining the rationale behind the appeal, Zoho founder Sridhar Vembu said India needs to conserve foreign exchange as it remains dependent on imports for energy and advanced technology.
Vembu explained that despite India’s economy growing at 7.8%, the Prime Minister’s push for Swadeshi is driven by a few simple reasons:
East Asian nations (Japan, Taiwan, South Korea, and later China) all went through a phase of rapid GDP growth alongside the need to conserve foreign exchange. Here is why that happens.
“Look at how long it took East Asia to catch up with the West. Their economies were growing rapidly even as they worked hard to conserve foreign exchange. That is exactly what our government is trying to do.”
Once we gain competence in all the advanced technologies and achieve energy independence through the renewable energy we develop, we would no longer need to conserve foreign exchange. The situation is similar to that of a fast-growing company that needs capital to expand. So it has to conserve capital to invest in growth. Our nation needs to conserve foreign exchange, likewise, Vembu pointed out.
Prime Minister Narendra Modi on Tuesday hailed India's 7.8% real GDP growth in the first quarter of FY27, calling it a reflection of the “collective strength”.
In a video message posted on X, PM Modi congratulated the people of India for their hard work and said the country's economic growth came despite global challenges, including wars, crises and disrupted supply chains.
Rising above all this and cutting through these obstacles, the nation has achieved a growth rate of 7.8%. "We must maintain this momentum. We must keep moving forward, and for that, becoming Atmanirbhar Bharat is essential," the PM said.
Calling for greater emphasis on domestic products and local consumption, he said, “The mantra of Swadeshi, Vocal for Local: foreign trips, if you go for sightseeing, should not be done. If you do weddings abroad, you should not do them. One should live by the mantra of 'Wed in India'. And if it's not necessary, then gold should not be bought either.”
According to data released by the Ministry of Statistics and Programme Implementation (MoSPI), India's real GDP grew 7.8 per cent in Q1 FY27, covering the April-June period. Real GDP was estimated at ₹81.36 lakh crore in Q1 FY27, compared with ₹75.46 lakh crore in the same quarter of FY26. The latest growth figure was also higher than the 7 per cent Q1 FY27 growth estimate earlier projected by the Reserve Bank of India (RBI).
The RBI had also revised its real GDP growth forecast for the full financial year FY27 to 6.7 per cent from 6.6 per cent. Nominal GDP, measured at current prices, was estimated at ₹88.27 lakh crore in Q1 FY27, compared with ₹80 lakh crore in Q1 FY26, registering a growth of 10.3 per cent.
Sanchari Ghosh is an Assistant Editor at Mint with over 12 years of experience in journalism, specialising in personal finance, DLT & DeFi, geopolitics and foreign policy, with a particular emphasis on how these areas intersect. <br>
She writes extensively about how money works in everyday life—helping readers navigate personal finance decisions. <br>
As AI reshapes investing behaviour, capital is increasingly flowing into decentralized ecosystems, redefining how assets are managed, traded, and valued. She focuses on explaining how money flows within frameworks like Distributed Ledger Technology (DLT), DeFi protocols, and crypto markets—while also exploring what the future of money could look like in a trustless, programmable financial world. <br>
She also focuses on immigration-related issues, simplifying complex topics around visas, passports, overseas financial planning, and the many practical challenges Indians face while moving or living abroad. <br>
Alongside personal finance, Sanchari has a strong understanding of international politics, contemporary and historical conflicts, and global state decisions. She closely tracks how geopolitical developments influence economies, markets, and individual financial choices, bringing together finance and global affairs in her reporting. <br>
She began her career as a desk editor, which gave her a strong foundation in news writing. Over time, her interest naturally shifted toward personal finance. Before joining Mint in 2020, she worked DNA, The Times of India, Outlook Money, BloombergQuint, and ETMoney. At Mint, she got an opportunity to expand her coverage to include immigration and geopolitical developments while continuing to closely follow personal finance trends and market movements.As a journalist, she is committed to accuracy, intellectual rigour, and fairness. <br>
She is an English Major and her work took her across cities including Delhi, Mumbai, and Pune. Living independently from an early age gave her firsthand experience in managing life and money on her own. This practical exposure sparked her strong interest in personal finance. <br>
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