NEW DELHI, May 14 -- The government on Wednesday raised customs duty on precious metals including gold and silver to 15% from 6% days to curb their imports and save foreign exchange for essentials such as energy and fertilizers amid a protracted war in West Asia that has disrupted global energy and fertilizer supply chains and resulted in a spike in oil prices. The sharp increase in customs duties on the precious metals -- a move aimed at balancing India's current account deficit -- came days after Prime Minister Narendra Modi's appeal for prudence and austerity. He asked people to save foreign exchange for essentials, avoid foreign travel, and buy local products. Experts anticipate more action by the government on this front, including tightening of the Liberalised Remittance Scheme to limit foreign exchange outflow. Imports of precious metals, particularly gold and silver were a major component of India's foreign exchange spending. Gold imports in 2025-26 jumped by 24.08% over the previous year to $71.98 billion, while imports of silver surged 149.48% to $12.05 billion. To be sure, India has foreign exchange reserves of over $690 billion, enough to cover imports for 10 months. But the government is adopting a cautious approach given the uncertainty in West Asia. India imported about 88.7% of crude oil it processed in 2025-26, paying for this in dollars ($121.8 billion). According to a senior oil ministry official who asked not to be named, the oil import bill may surge in current financial year if the war continues for long. Since February, when the US and Israel attacked Iran, benchmark Brent crude prices have surged 48% from $72.87 a barrel to $107.77 (Tuesday's closing price). A government official said on condition of anonymity that the import duty increase announced early Wednesday is aimed at "safeguarding macroeconomic stability, conserving foreign exchange, and moderating non-essential imports during a period of heightened global uncertainty" arising from the ongoing West Asia crisis. According to a notification from the finance ministry, the import duty on gold and silver has been increased from 6% to 15% and the import duty on platinum has been increased from 6.4% to 15.4%. Consequential changes have also been made to other items such as gold and silver ore and coins. "The current geopolitical situation has created significant volatility in global crude oil markets and international shipping routes. As a large importer of crude oil, India remains vulnerable to elevated energy prices and supply-side disruptions, which can increase the import bill, exert pressure on inflation, and the current account deficit (CAD). In such circumstances, prudent management of the country's external sector becomes essential," the government official added....