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India Raises Import Tariffs on Gold and Silver to 15%

India raises import tariffs on gold and silver to 15% to curb imports and ease pressure on foreign exchange reserves

PM Modi Urges Citizens to Postpone Gold Purchases Amidst West Asia Tensions

Prime Minister Modi has asked citizens to postpone gold purchases to reduce India's import bill amidst West Asia tensions, sparking concerns among the jewellery industry about business and job impacts.

Gold recycling after Modi's appeal: Jewellery industry says it's smarter

India's jewellery industry urges against curbing gold purchases, emphasizing its cultural significance as savings and tradition. Instead, they propose enhanced gold recycling and domestic mobilization to ease foreign exchange pressure. This approach aims to protect millions of livelihoods tied to the sector, from artisans to small businesses, by circulating existing gold rather than stifling demand.

From buying less gold to cashing it: How industry plans to cut India’s import bill

Facing a widening trade deficit, India's Prime Minister urges reduced gold purchases. Industry bodies propose tapping into the nation's vast household gold reserves. Their plan involves using refined household gold for domestic demand and channeling imported gold into jewellery exports via gold metal loans, aiming to boost working capital and cut imports.

Why PM Modi wants Indians to avoid buying gold for a year

Prime Minister Modi urged Indians to halt gold purchases for a year to protect foreign exchange reserves, a call supported by GTRI which highlighted a surge in gold imports straining the trade balance. Union Minister Ashwini Vaishnaw echoed the appeal, emphasizing reduced import spending amid Middle East conflict, leading to a sell-off in jewellery stocks.

No plan to hike gold and silver import duties, US-India trade talks expected soon

Government sources indicate no immediate plans to hike gold and silver import duties, despite calls to curb non-essential gold purchases. Meanwhile, India anticipates US trade talks addressing pending issues, including a Section 301 probe, though a comprehensive deal remains distant. India has contested US allegations of structural overcapacity, urging the termination of the investigation.

Vaishnaw reiterates PM Modi’s call to cut gold purchases: 'Do whatever best you can'

Amidst the escalating Middle East conflict, Union Minister Ashwini Vaishnaw echoed PM Modi's call for Indians to reduce import spending and conserve foreign exchange. He urged citizens and businesses to make conscious choices to save forex, highlighting fuel expenditure as a key area for reduction. This initiative aims to protect the nation's economic interests as global energy supplies face strain.

Jewellery shares lose shine: Why sector stocks plunged up to 9%

Jewellery stocks saw a sharp decline on Monday. Prime Minister Narendra Modi appealed to citizens to reduce gold purchases. This call aims to preserve foreign exchange reserves. Major jewellery companies experienced significant drops in their share prices. Investors reacted quickly to the potential demand impact. Indian equities opened lower amid global concerns.

Modi says Iran war poses severe risks to India, urges cuts in fuel use and gold purchases

Modi appealed to Indians to cut fuel use, overseas travel and gold purchases as the Middle East conflict exposes India’s heavy reliance on imported energy.

PM Modi pushes for cut in fuel use & gold buying, favours work from home

Amid global energy disruptions, PM Modi urged Indians to conserve foreign exchange by reducing reliance on imported fuel. He advocated for public transport, work-from-home, avoiding overseas trips and non-essential gold purchases for a year. The Prime Minister also encouraged farmers to halve chemical fertilizer use and shift towards natural farming.