India Considers Emergency Measures to Protect Foreign Exchange Reserves, Including Gold Import Curbs and Fuel Price Hikes

According to sources cited by foreign media, India is considering emergency measures on May 11 to support its foreign exchange reserves, including restrictions on non-essential imports such as gold and consumer electronics, as well as raising fuel prices. The Prime Minister’s office and Finance Ministry officials have been discussing multiple options with the Reserve Bank of India to mitigate the impact of rising oil prices triggered by the Iran conflict. One proposed measure under consideration is increasing fuel prices, which would mark India’s first fuel price hike since the Iran war began. Officials are concerned about a widening current account deficit and aim to curb imports and preserve foreign exchange reserves through these measures. However, no final decision has been made on the emergency measures.