In its latest report, GTRI stated that the growing demand for imported bullion has become a major economic concern for India, which depends almost entirely on imports to meet domestic gold consumption. The think tank noted that gold bar imports surged significantly from $36.5 billion in 2022 to $58.9 billion in 2025, intensifying the strain on India’s trade balance.
The endorsement came shortly after PM Modi appealed to citizens to postpone non-essential gold purchases, including wedding-related buying, in view of ongoing global economic uncertainty. The Prime Minister emphasized that reducing discretionary imports could help protect India’s foreign exchange reserves during a period of heightened geopolitical and financial instability.
