In response to rising economic pressure linked to the West Asia conflict, the Central government has raised import duties on gold and silver to 15 per cent in an effort to curb overseas purchases and conserve foreign exchange reserves.
Officials stated that the revised tariff includes higher customs duty and additional cess charges aimed at reducing import dependency and stabilising the economy. The decision is also expected to help contain the trade deficit and support the rupee.
The development follows recent appeals by Prime Minister Narendra Modi urging citizens to reduce fuel consumption, avoid unnecessary expenses, and postpone gold purchases during the ongoing crisis.
At the same time, several states are reportedly considering fuel-saving measures, including partial work-from-home arrangements for government employees.
