New Delhi, May 12 -- The social media is abuzz and divided since Prime Minister Narendra Modi's austerity measures aimed at improving India's foreign exchange reserves and maintaining economic strength in the light of the West Asia crisis.

One of the measures announced by Modi involved deferring gold buying for a year, as it forms a major part of our import bill, alongside crude. However, according to investor and Capitalmind founder Deepak Shenoy, India should stop trying to persuade citizens to buy less gold and instead focus on reducing imports through smarter supply-side measures.

In a detailed post on X today, 12 May, Shenoy argued that India's rising gold imports are becoming a significant pressure point for the rupee and the coun...