Sunil Bharti Mittal Backs PM Modi's Call, Says India Must Move Away From 'Obsession With Gold'

As geopolitical tensions in West Asia continue to pressure global economies and raise concerns over oil prices and inflation, telecom billionaire Sunil Bharti Mittal on Monday backed Prime Minister Narendra Modi’s call for reducing wasteful consumption, saying India must “move away from obsession with gold”.

On Sunday, PM Modi asked citizens to adopt measures to save the country’s foreign exchange (forex) reserves. Apart from urging people to avoid unnecessary foreign travel, save petrol & diesel and adopt organic farming, PM Modi also asked citizens to avoid buying gold for a year.

Speaking on the prime minister’s remarks made during a rally in Hyderabad on Sunday, Bharti Enterprises founder and Chairman Sunil Bharti Mittal said the message carried

deep economic significance at a time when global supply chains and commodity markets are under strain due to the ongoing tensions in West Asia.

“These are difficult times. We have been moving at fantastic times, but there are situations which are beyond our control. The issue in West Asia is creating a tremendous amount of pressure on global economies. India is no different,” Mittal said, according to CNBC-TV18.

Calling PM Modi’s message “profound”, the Bharti Airtel chairman said industry leaders have a responsibility to amplify the message as businesses employ millions of people and play a key role in driving investments and economic growth.

“We need to get away from obsession with gold, move towards renewables and move away from oil,” Mittal said. He also stressed that Indian companies should continue expanding investments within the country despite global uncertainties and geopolitical risks.

“We need to invest and spend more capex here. This is not a moment to shy away, this is a moment to double down,” he said.

Mittal said Bharti Airtel had already invested over Rs 30,000 crore in capital expenditure and planned to step up investments further in 2026.

“Airtel has invested over Rs 30,000 crore in capex. We will do even more in 2026,” he said.

PM Modi, while addressing the Hyderabad rally on Sunday, had urged citizens to reduce unnecessary consumption, postpone discretionary spending such as gold purchases and foreign travel for a year, adopt energy-saving measures and promote domestic products. His remarks were widely interpreted as a signal of the government’s growing concern over rising crude oil prices, imported inflation and the possibility of a widening current account deficit.

India remains heavily dependent on imports for crude oil, edible oils, fertilisers and gold, making the economy vulnerable to global commodity shocks and currency pressures during periods of geopolitical instability.