PM Modi on 7.8% GDP growth: Why he wants Indians to avoid unnecessary gold buys and foreign trips
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PM Modi welcomed 7.8% Q1 GDP growth and urged Indians to favour domestic spending, local products and Indian travel destinations.
Prime Minister Narendra Modi on Tuesday welcomed India's 7.8% economic growth in the April-June quarter, while calling on citizens to support the domestic economy by choosing local products, travelling within the country and holding weddings in India.
In a video message, Modi said the latest growth numbers reflected the collective efforts and determination of Indians and showed that the economy had continued to expand despite a difficult global environment.
“Strong numbers. Even stronger confidence,” Modi said in a post on X while sharing his message.
India's real GDP grew 7.8% in the first quarter of 2026-27, according to data released by the Ministry of Statistics and Programme Implementation on Monday. The growth was higher than the Reserve Bank of India's estimate of 7% for the quarter.
Modi said the latest performance was particularly significant given the geopolitical and economic uncertainty across the world. He pointed to ongoing conflicts, disruptions to global supply chains and the lack of stability since the Covid-19 pandemic.
Despite these challenges, India had continued to grow at a strong pace, he said.
PM Modi asks Indians to spend more within India
Modi used the occasion to renew his call for greater emphasis on “Swadeshi”, “Vocal for Local” and self-reliance.
The prime minister urged people to reconsider discretionary spending outside the country and instead direct more of that spending towards India's domestic economy.
He asked Indians to choose domestic destinations when travelling for leisure and encouraged families to hold weddings in India rather than opting for overseas destinations.
“If you go on holiday, go to a place in India. Wedding destinations can be in India. We should live the mantra of ‘wed in India’,” Modi said.
He also asked citizens to avoid purchasing gold unless there was a genuine need for it.
The appeal comes against the backdrop of India's significant dependence on gold imports. Gold is widely held by Indian households and is also an important component of the country's import bill.
Modi's message linked these individual spending decisions with the broader objective of strengthening domestic demand and reducing dependence on overseas goods and services.
“The more we emphasise ‘Swadeshi’ and self-reliance,” the prime minister said, the greater his confidence that India would be able to sustain its economic momentum.
India GDP growth: Modi says momentum must continue
India's economy expanded 7.8% in Q1 FY27, with real GDP at constant 2022-23 prices rising to ₹81.36 lakh crore from ₹75.46 lakh crore in the corresponding quarter of the previous year.
Nominal GDP at current prices increased 10.3% to ₹88.27 lakh crore from ₹80 lakh crore a year earlier.
Although quarterly growth moderated from 8.6% in the previous quarter, the Q1 figure came in above the RBI's 7% projection. The central bank has raised its full-year GDP growth forecast to 6.7% from 6.6% earlier.
The RBI's quarterly projections for FY27 stand at 7% for Q1, 6.4% for Q2, 6.5% for Q3 and 6.8% for Q4.
The government has said the latest numbers point to continued domestic demand even as the global economy faces uncertainty, including geopolitical tensions and disruptions linked to the West Asia conflict.
Modi said the country must maintain the pace of expansion and work towards building a developed India by the centenary of Independence.
He also criticised what he described as attempts to create a negative narrative around India's economic progress and said the latest growth figures demonstrated the country's resilience.
“Our policies are sound, and our intentions are pure. The combined strength of 1.4 billion Indians is uniting to take the nation to new heights,” Modi said.
The prime minister is currently in Bishkek, Kyrgyzstan, where he is attending the Shanghai Cooperation Organisation summit during his visit to Uzbekistan and Kyrgyzstan.
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Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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