Prime Minister Modi has urged citizens to adopt measures like judicious fuel use, postponing gold purchases, and deferring foreign travel to strengthen India's economy in the face of the West Asia conflict's adverse impact.
Prime Minister Narendra Modi has urged for restraint in the use of petro products due to the West Asia crisis, emphasising the need to save foreign exchange and reduce the impact of war. He also highlighted India's progress in solar power and ethanol blending, while assuring support to Telangana's development.
Following through announcements with enforcement of measures is key, as a run through recent Indian economic history shows, points out A K Bhattacharya.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
Congress leader Rahul Gandhi has criticised Prime Minister Narendra Modi's call for citizens to make economic sacrifices in response to the West Asia conflict, calling it 'evidence of failure'. Gandhi accused Modi of shifting responsibility onto the public and being incapable of running the country.
India's foreign exchange reserves saw a significant drop of USD 8.094 billion, settling at USD 688.894 billion for the week ending May 15, as the Reserve Bank of India intervened in the forex market and global events like the Middle East conflict impacted the rupee.
India's foreign exchange reserves saw a significant increase of USD 6.295 billion, reaching USD 696.988 billion for the week ending May 8, as reported by the Reserve Bank of India.
Maharashtra Chief Minister Devendra Fadnavis rode a motorcycle to work following Prime Minister Modi's appeal to cut down fuel consumption amid the ongoing conflict in West Asia.
The Enforcement Directorate (ED) is investigating the use of foreign debit cards by a global Christian mission to withdraw crores of rupees in Naxal violence-hit regions of India. Searches were conducted in multiple states, and foreign debit cards, cash, and digital devices were seized.
India's foreign exchange reserves saw a significant drop of USD 7.794 billion, settling at USD 690.693 billion for the week ending May 1, as reported by the RBI, reflecting the impact of global events and central bank interventions.
Indian stock markets experienced a significant sell-off, with the Sensex tumbling over 1,300 points, driven by escalating crude oil prices due to US-Iran tensions and Prime Minister Narendra Modi's call for austerity measures, which amplified investor concerns about India's economic outlook.
The Reserve Bank of India (RBI) net-bought $7.4 billion from the spot foreign exchange market in February, its highest buy since March 2025, before heavily intervening by selling dollars in March as the rupee declined over 4 per cent following a spike in crude oil prices.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
Onestruction Inc and DataKaveri Systems have signed an MoU to establish a framework for strategic and technical collaboration in urban and built environment data exchange.
'If the war continue for a longer period of time, it is just a matter of time before the government will pass on some of the price increases.'
The scholarships are expected to support both merit- and need-based categories, including students from non-metro regions and those enrolling in high-demand disciplines such as AI and other STEM fields.
India has capped gold imports under the Advance Authorisation scheme at 100 kg, a day after significantly increasing import duties on precious metals. This move aims to tighten conditions for duty-free gold imports by jewellery exporters and curb non-essential imports amidst a ballooning import bill.
Kannada film actress Ranya Rao is set to be released from Bengaluru Central Jail after a year of detention in a gold smuggling case.
The recent depreciation of the rupee along with sharp fall in the country's foreign exchange (FX) reserves has sparked a debate whether stability of the exchange rate is necessary and desirable. The rupee was one of the least volatile currencies among peers for almost two years before the current downward pressure started in September after the US Federal Reserve lowered interest rate.
State-run Bharat Petroleum Corporation Ltd (BPCL) plans a significant capital expenditure of 25,000 crore for the financial year 2026-27, primarily for ongoing expansion projects. The company also stated that the recent 4-per-litre price hike in petrol and diesel has provided some financial relief amidst volatile crude oil prices and mounting losses.
Pakistan has received the second and final tranche of USD 1 billion from Saudi Arabia, completing a USD 3 billion aid package aimed at boosting its foreign reserves, the state bank said.
The United States and Iran concluded the first phase of in-person talks in Islamabad, with both delegations exchanging written texts to formalise areas of understanding. The discussions, involving key representatives from both sides, are aimed at reducing tensions and exploring possibilities of a structured understanding.
India's foreign exchange reserves increased by USD 2.362 billion to reach USD 703.308 billion for the week ending April 17, as reported by the Reserve Bank of India (RBI).
'OMCs are incurring losses of Rs 1,000 crore per day due to the West Asia crisis.'
The Indian rupee depreciated 16 paise to settle at a fresh lifetime low of 96.86 against the US dollar, marking its ninth consecutive session of decline, driven by elevated global crude prices and a strong dollar.
Jewellers in Lucknow protest Prime Minister Modi's appeal to defer gold purchases for a year amid the West Asia crisis, fearing significant business losses and economic hardship for those involved in the trade.
Leading Indian jewellery bodies, including the All India Gem & Jewellery Domestic Council (GJC) and Malabar Gold & Diamonds, have expressed support for Prime Minister Narendra Modi's appeal to reduce gold imports and are advocating for enhancements to the Gold Monetisation Scheme (GMS) to unlock India's vast idle gold reserves.
India's foreign exchange reserves have surged by $3.825 billion to reach $700.946 billion as of April 10, marking a significant milestone for the country's financial stability.
Overseas travel spending by Indians, including holiday trips, decreased by $212.43 million to $1.09 billion in March compared to February, according to the Reserve Bank of India's latest data.
The Reserve Bank of India (RBI) has introduced stricter timelines for banks to process inward cross-border remittances, aiming to reduce delays in crediting funds to beneficiaries by mandating immediate customer intimation and more frequent nostro account reconciliation.
The Reserve Bank of India (RBI) has announced a record surplus transfer of Rs 2.87 trillion to the central government for FY26, driven by increased income and an expanded balance sheet, despite a reduction in the contingent risk buffer (CRB) to 6.5 per cent.
'What exactly is on the prime minister's mind, we do not know. But it feels like the government wants the country to be prepared for unseen challenges ahead.'
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
The Enforcement Directorate (ED) has initiated raids on business entities linked to Aam Aadmi Party (AAP) Rajya Sabha MP Ashok Mittal in Punjab and Haryana, as part of a Foreign Exchange Management Act (FEMA) investigation into alleged financial irregularities.
The measures announced by it risk backfiring, disrupting the foreign exchange market, and intensifying the very pressures they seek to contain, with broader consequences for the economy points out Rajeswari Sengupta.
A downsizing in the prime minister's convoy was implemented in his recent domestic visits, official sources said.
'In all these years of rupee depreciation, of rising oil prices, of inflation caused by import dependence, not one leader had the courage to look the people in the eye and say: Please do this for your country.'
A Monaco-based fuel technology company, FOWE Eco Solutions, claims its patented Cavitech fuel emulsion technology can help industries slash fuel consumption, reduce emissions, and improve equipment performance by using water in fuel.
Faridabad police have arrested a husband and wife from Mumbai for allegedly defrauding people of approximately Rs 31 crore through fraudulent investment schemes in forex trading and film production.
A Monaco-based fuel technology company, FOWE Eco Solutions, claims its patented Cavitech fuel emulsion technology can help industries slash fuel consumption, reduce emissions, and improve equipment performance by using water.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances