India not planning to raise gold or silver import duties
Business
The Indian government isn't planning to raise import duties on gold or silver right now, even after PM Modi asked people to hold off on buying gold and traveling abroad for a year.
His request is all about easing pressure on India's foreign exchange reserves as global prices rise and the rupee slides.
Jewelry stocks tumble after Modi appeal
Modi called saving dollars a "national responsibility," but his appeal made jewelry stocks tumble: Sky Gold dropped more than 12%, Senco Gold fell 11%, and Kalyan Jewellers fell nearly 10%.
With India's gold import bill hitting $72 billion in FY26, the government is nudging people toward financial assets like deposits and mutual funds instead of stacking up on gold.