PM Modi cites 7.8% GDP growth, asks people to prioritise Swadeshi and cut overseas spending
Prime Minister Narendra Modi on Tuesday referred to India's 7.8 per cent GDP growth in the April-June quarter and urged people to buy domestic products and reduce spending on foreign holidays, overseas weddings and gold.
In a video message posted on Instagram, Modi attributed the growth to the collective efforts of people and said the economy had continued to expand despite wars, instability and disruptions to global supply chains.
"I want to congratulate the people of the country for 7.8 per cent GDP growth. It has been possible due to their collective resolve and efforts," he said.
Modi said the period since the COVID-19 pandemic had been marked by uncertainty and instability across the world, but India had continued to grow.
He also said the country needed to maintain its growth rate and focus on self-reliance.
"We have to maintain the speed of our growth. We have to grow. And for that we must become self-reliant," he said, adding that efforts were needed to realise the aspirations of the country's youth.
The prime minister appealed to people to give preference to Swadeshi products and avoid spending abroad where it was not necessary. He specifically asked people not to go on foreign holidays, hold weddings outside India or buy gold unless required.
His remarks came after official data showed India's GDP grew 7.8 per cent in the April-June quarter of the 2026-27 financial year.
The growth was higher than market expectations, although it was slower than the 8.6 per cent expansion recorded in the previous quarter.
The latest figures were released against a backdrop of continuing geopolitical tensions and concerns over the impact of the war in West Asia on energy prices, trade and the wider global economy.
Modi also alleged that attempts were being made within India to spread "negativity and falsehood", but said these had not prevented the economy from growing.
He said the government would continue to focus on policies aimed at self-reliance and economic growth.
The appeal to buy domestic products and limit overseas spending is in line with the government's broader emphasis on Swadeshi and the Atmanirbhar Bharat initiative, which seeks to increase domestic production and reduce dependence on imports.
The 7.8 per cent GDP growth in the first quarter gives the government a stronger-than-expected growth figure at a time when global economic conditions remain uncertain. However, the quarter-on-quarter slowdown from 8.6 per cent also shows that growth has moderated from the previous quarter.
