What was the math behind PM Modi's 'stop buying gold for a year' appeal to Indians?

In 2025-26, gold imports jumped 24% to an all-time high of $71.98 billion compared to $58 billion in 2024-25. The rise in imports of precious metals pushed the country's trade deficit to $333.2 billion during 2025-26. RBI data showed forex reserves rising to $728 billion in February 2026 before slipping back to $691 billion in April as global uncertainty intensified.