PM Modi urges Indians to defer gold, foreign travel as rupee hits 95.75; jewellery and travel retail face demand squeeze

CEA Nageswaran flags rupee defence as FY27 priority after 6% YTD slide and $23bn FPI outflows. Modi's swadeshi pitch—delay gold buys, skip overseas trips, prefer local goods—directly hits jewellery chains, outbound travel agents, and import-heavy premium retail, while tilting wallet share to domestic brands.

— FiledFri, 15 May, 2026, 07:20 IST·First seen Fri, 15 May, 2026, 06:54 IST·Source Indian Express · Business

What happened

Government of India · CEA Nageswaran flags rupee defence as FY27 priority amid West Asia crisis; PM Modi urges citizens to defer gold purchases and foreign

Key facts

  • rupee 95.75/USD
  • 5% drop vs dollar
  • 6% YTD decline
  • $23 billion FPI outflows
  • CAD >2% of GDP
  • Brent +51%
  • urea/ammonia +65%
  • butane +51%

Why this matters

Window opens to acquire stressed regional jewellery or outbound-travel assets at compressed multiples, while scouting domestic-manufacturing tuck-ins that align with the swadeshi policy tailwind.