world-economy

India Doubles Gold, Silver Tariffs as Rupee Weakens Amid Middle East Tensions

India has more than doubled import tariffs on gold and silver, imposing a 10% basic customs duty and 5% tax on the precious metals. The measure aims to defend the country's weakening rupee and shore up foreign-exchange reserves amid geopolitical tensions in the Middle East. Prime Minister Narendra Modi has urged citizens to curtail gold purchases for at least a year, an unusual appeal in a nation where the metal holds deep cultural and religious significance. The government is simultaneously considering broader emergency measures, including curbs on non-essential imports and fuel price increases, to cushion the economy from regional conflict spillover. India, the world's second-largest gold market, is racing to protect foreign-exchange reserves as the rupee faces persistent depreciation pressure.