India's account deficit - Please read this carefully

[Reposting from our main lab blog]
As we all are experiencing the rapid fall in rupee price wrt International currency,  it is a great concern right now. I was reading this article and thought about writing few lines about it. Here is the article, if you want to give it a try:
http://profit.ndtv.com/news/cheat-sheet/article-record-current-account-deficit-10-things-you-should-know-320190?pfrom=home-otherstories 

So, it is not rocket science, we know what are the factors that contributes to India's huge foreign deficit. Here are some of them:

1. Huge imports and declining export.
    a. We are importing oil (petro chemicals) paying foreign exchange.
    b. We import huge amounts of gold. In fact it is the second largest import after oil.
    c. Our exports are declining.

Well, while petroleum products are essential for running  the economy, gold does not do much for the country. It is the obsession we have towards gold that rips us of our foreign exchange...

So, you may ask, what can I do for this? Well, we all play a very important role as educated citizens. You can do the following things to help economy:

1. Say NO to gold. Or in other words don't buy gold jewellery.
2. Don't waste petrol unless you really have to.
3. Don't buy imported gizmodos and fancy electronics to impress your friends.
4. If you are in a lab and you can get away with buying Indian stuff please do so. Don't buy imported goods unless it is really a limiting factor in the success of your experiment.