India’s gold trade hit as Modi urges public to cut purchases

India's jewellery trade is feeling the strain of a seven-point austerity plan announced by Prime Minister Narendra Modi, which includes a threefold rise in import duties on gold and silver and a call for citizens to curb gold purchases. The measures come as India's foreign reserves have fallen by $47bn since the outbreak of the US-Israel war on Iran three months ago. Fuel prices have risen four times in a fortnight, squeezing ordinary households, while India faces an energy import bill of up to $180bn this year if regional tensions persist. The Reserve Bank of India has nonetheless forecast economic growth of 6.9% for the coming financial year.

Al Jazeera's Minelle Fernandez reports

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