world-economy

India Doubles Gold Tariffs as Modi Urges Citizens to Halt Purchases

India has sharply escalated restrictions on gold imports, doubling tariff rates in recent days. Prime Minister Narendra Modi made an unprecedented public appeal for citizens to stop buying the precious metal for at least one year.

The dual policy move represents an aggressive effort to shore up the nation's foreign-exchange reserves as regional conflicts strain economic conditions. Modi's request marks a striking intervention in a country where gold holds deep cultural significance, serving as a primary savings vehicle and playing central roles in wedding ceremonies and religious observances.

The tariff increases and consumption guidance reflect mounting pressure on India's currency amid broader Middle East instability. Officials are employing both trade policy and direct appeals to consumers to preserve precious metal reserves and defend the rupee's stability. The initiative signals New Delhi's concern about sustained economic headwinds stemming from geopolitical tensions.