India doubles gold, silver duty, cuts convoy sizes
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- India's Prime Minister Modi appealed for higher gold and silver import duties
- India's Centre doubled gold and silver import duty
- India's BJP leaders cut convoy sizes
- India stepped up austerity measures as the West Asia crisis deepened
Why it matters: Gold and silver importers face higher costs, boosting customs revenue for the government; the higher duty may curb domestic demand for precious metals amid inflationary pressures.
