Prime Minister Narendra Modi’s has appealed to Indians to defer gold purchases, avoid foreign travel, and reduce oil consumption to save foreign exchange. The appeal comes amid a weakening rupee, rising crude oil prices following the closure of the Strait of Hormuz during the US-Israel conflict with Iran, surging imports, and slowing foreign investment and remittance inflows. The government must present a credible economic roadmap to tackle these challenges.

Though India’s forex reserves remain comfortable at nearly $690 billion, prolonged crude prices above $100 per barrel could severely strain fiscal stability. What India needs now is transparent economic management and long-term policy clarity.

M Jeyaram

Sholavandan, TN

Advertisement cost

This refers to ‘FMCG giants cut advertising budgets due to slowing demand, rising costs’ (May 14). India remains among the world’s top spenders on television, print, billboards, and news channel ads. Yet the sheer frequency of repetition often irritates viewers, undermining the products being promoted. Excessive advertising not only risks alienating consumers but also inflates costs. In fact, ad expenditure is a major component of the Maximum Retail Price (MRP), meaning buyers ultimately foot the bill for campaigns they may not even appreciate. Rationalising ad spend, focusing on relevance rather than saturation, and shifting towards digital or targeted formats could ease costs while preserving consumer trust. Sustainable advertising must balance visibility with value, not drown audiences in noise. If a product truly resonates with people, advertising becomes secondary. Word of mouth naturally spreads its appeal, as satisfied customers share their experiences with others.

O Prasada Rao

Hyderabad

Tapping gold ETFs

Apropos ‘Allow gold ETFs to unlock vaults’ (May 14). The article makes a technically sound argument. Allowing gold ETFs to deploy futures alongside physical holdings could meaningfully reduce import pressure without asking investors to sacrifice exposure. The regulatory groundwork, as the article notes, already exists. What is missing is SEBI’s willingness to treat managed futures allocation as standard practice rather than an exception. With 115 tonnes sitting idle in vaults and imports surging, this structural fix deserves faster consideration than it is currently receiving. Tariffs alone will not solve a problem rooted in how Indians save.

Abbharna Barathi

Chennai

Published on May 14, 2026