New Delhi, May 11 -- India is considering emergency steps to shore up foreign-exchange reserves, including curbing non-essential imports like gold and electronic goods, and hiking fuel prices, to help cushion the economy from the fallout of the Iran war, people familiar with the matter said.

Officials in the Prime Minister's Office and Finance Ministry have held discussions with the Reserve Bank of India on several measures that could be taken to limit the damage from soaring oil prices, the people said asking not to be identified as the discussions are private.

One of the proposals under discussion is a fuel price hike, the people said, which would be the first increase since the Iran war began and come on the back of Prime Minister Na...