India Raises Gold and Silver Import Duties as Part of Seven-Point Plan to Conserve Foreign Reserves

Prime Minister Narendra Modi announced a seven-point austerity plan that triples import duties on gold and silver and urges citizens to reduce gold purchases. The measures respond to falling foreign reserves and rising fuel costs, according to reporting by Al Jazeera’s Minelle Fernandez. India’s jewellery trade faces direct effects from the higher duties and the call to curb buying.

The plan lists seven specific steps aimed at conserving foreign currency. Al Jazeera reported that the duty increase applies immediately to both gold and silver imports.