India mulls cutting gold and electronics imports to protect reserves
With oil prices climbing because of the Iran conflict, India is thinking about quick fixes to protect its foreign exchange reserves.
Ideas on the table include cutting back on nonessential imports like gold and electronics, possibly raising fuel prices, and encouraging everyone to use less gasoline and buy less gold.
Top officials have talked these options over, but nothing's set in stone yet.
PM asks thrift as rupee falls
India buys a lot of its oil from overseas, so supply issues through the Strait of Hormuz are hitting hard: energy costs are up and the rupee has dropped 5.6% against the dollar in 2026.
The country's foreign exchange reserves are still solid at $690.7 billion (enough for about 10 months of imports), but there's pressure to keep things stable.
PM Modi has even asked people to save money by using public transportation more often and holding off on buying gold for now.