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AC and refrigerator makers warn compressor import curbs could spark shortages later this year

AC and refrigerator makers warn compressor import curbs could spark shortages later this year

Air-conditioner and refrigerator makers in India are warning that new restrictions on compressor imports may trigger shortages later in the year. The DPIIT order links this fiscal’s imports to FY25 volumes, allowing tighter caps for AC and refrigerator compressors and setting higher limits only above two-tonne capacity. Industry says domestic compressor production—especially above two tonnes—remains too low, while products need months of testing, leaving little room to switch suppliers quickly.

Summarised by Beize from a story on The Economic Times on 15 May 2026
India hikes gold and silver import tariff values from May 16 raising costs and easing forex pressure

India hikes gold and silver import tariff values from May 16 raising costs and easing forex pressure

India’s CBIC has raised customs tariff values for gold, silver, crude palm oil and soybean oil to manage import costs amid global commodity swings. Gold in any form will now attract a tariff value of $1,508 per 10 grams, while silver is set at $2,810 per kilogram. The changes take effect May 16, 2026. Policymakers are also acting to limit pressure on foreign exchange reserves, especially during geopolitical strain from the West Asia conflict.

Summarised by Beize from a story on The Economic Times on 15 May 2026

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Rupee at 95 plus pushes India to lure NRI dollars with revamped deposit incentives

Rupee at 95 plus pushes India to lure NRI dollars with revamped deposit incentives

With the rupee slipping past 95 per dollar and West Asian tensions keeping risk elevated, India is weighing a return to NRI-focused dollar deposit schemes. The idea echoes 2000 and 2013, when incentives helped mobilise foreign currency and stabilise sentiment. But today’s backdrop is tougher: US rates are around 3.5%, making attractive coupons costlier. Estimates suggest a 3-year deposit rate of 6.0–6.25% may be needed, with funding support of 2.75–3.0%, potentially larger than earlier programmes.

Summarised by Beize from a story on The Economic Times on 14 May 2026
Andhra cabinet pushes austerity drive to cushion war hit with lifestyle cuts and gold deferment

Andhra cabinet pushes austerity drive to cushion war hit with lifestyle cuts and gold deferment

The Andhra Pradesh cabinet has recommended a package of austerity steps meant to reduce the economic fallout of a war. Proposed measures include a No Vehicle Day, shifting classes online, cutting special flights, and deferring gold purchases. Chief Minister N Chandrababu Naidu asked citizens to adopt a “My Country, My Responsibility” approach to ease strain on energy demand and foreign exchange reserves.

Summarised by Beize from a story on The Economic Times on 14 May 2026
Gold and silver duties jump to 15% as bullion prices surge 7%

Gold and silver duties jump to 15% as bullion prices surge 7%

In a late Tuesday move, India raised import duties on gold and silver to 15% from 6%, effective May 13, combining a 10% basic customs duty with a 5% Agriculture Infrastructure and Development Cess. The government says the aim is to curb overseas buying of precious metals and ease pressure on foreign exchange reserves, even as bullion prices reportedly jump about 7%.

Summarised by Beize from a story on The Economic Times on 13 May 2026
Swiggy to change board nomination rules to become Indian owned and controlled company

Swiggy to change board nomination rules to become Indian owned and controlled company

Swiggy says it will adjust its board nomination policies to support its goal of becoming an Indian owned and controlled company. The move is intended to bring its governance structure in line with foreign exchange compliance requirements, as the company works through the regulatory pathway to meet ownership and control expectations.

Summarised by Beize from a story on The Economic Times on 13 May 2026

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India hikes gold and silver tariffs to 15 percent but demand likely stays stubborn

India hikes gold and silver tariffs to 15 percent but demand likely stays stubborn

India has raised import duties on gold and silver to 15 percent to curb non-essential inflows and protect foreign exchange reserves. While the higher cost is already hitting the import bill and could pressure jewellery demand, demand is expected to remain resilient. Economists also warn the tariff spike may spur smuggling as traders seek to bypass duties.

Summarised by Beize from a story on The Economic Times on 13 May 2026
Gold sales volumes could fall 10 to 15 percent after India duty hike say jewellers

Gold sales volumes could fall 10 to 15 percent after India duty hike say jewellers

India’s gold and silver import duty hike is expected to hit jewellery sales volumes by 10–15% initially, jewellers say. Still, they believe demand will remain resilient thanks to gold’s cultural and investment pull. Consumers may shift toward lighter designs as prices rise. The government also wants to save foreign exchange and drive domestic recycling of idle gold.

Summarised by Beize from a story on The Economic Times on 13 May 2026
Modi urges fewer foreign trips but tourism firms push inbound boost for Incredible India

Modi urges fewer foreign trips but tourism firms push inbound boost for Incredible India

After PM Modi urged people and officials to postpone non essential foreign travel, India’s travel industry is looking inward to win back global attention. Executives say ‘Incredible India’ marketing should be ramped up and entry rules eased, including faster e visa processes, to attract more overseas tourists and strengthen foreign exchange despite disruptions to international travel.

Summarised by Beize from a story on The Economic Times on 13 May 2026
Vedanta Anil Agarwal backs Modi forex push urging citizens consume less and produce more

Vedanta Anil Agarwal backs Modi forex push urging citizens consume less and produce more

Vedanta founder Anil Agarwal backed PM Narendra Modi’s push to protect India’s foreign exchange, linking it to lower fuel use and smarter consumption. After Modi urged citizens to shift to public transport, Agarwal said one path is “to consume less,” while the other is “to produce more,” signaling Vedanta’s commitment to support the country’s forex goals.

Summarised by Beize from a story on Republic on 13 May 2026

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India’s gold import duty hike to 15 may last a year, Senco warns jewellery demand could fall

India’s gold import duty hike to 15 may last a year, Senco warns jewellery demand could fall

India’s increased import duty on gold and silver could keep jewelry demand under pressure for up to a year, Senco MD Suvankar Sen said. Senco Gold expects volumes to fall 10–15% as shoppers shift toward lighter jewellery. The higher duty is intended to conserve foreign exchange reserves and support economic stability amid ongoing global uncertainty.

Summarised by Beize from a story on The Economic Times on 13 May 2026
India hikes gold and silver import duties to 15 percent to protect foreign exchange reserves

India hikes gold and silver import duties to 15 percent to protect foreign exchange reserves

India has raised import duties on gold and silver to 15% from 6% to curb imports and ease pressure on foreign exchange reserves. The revised rate combines a 10% basic customs duty with a 5% Agriculture Infrastructure and Development Cess, aiming to support the rupee amid rising demand for bullion.

Summarised by Beize from a story on The Economic Times on 13 May 2026
ICAI urges members to cut foreign travel and save forex with domestic alternatives

ICAI urges members to cut foreign travel and save forex with domestic alternatives

The Institute of Chartered Accountants of India plans to issue an advisory encouraging members and officers to save foreign exchange. The steps include curbing foreign travel and shifting to domestic alternatives, with guidance extending to chartered accountants’ families. The move follows the Prime Minister’s call amid heightened tensions in West Asia and aims to reduce forex outflows.

Summarised by Beize from a story on The Economic Times on 12 May 2026
Congress hits back at Modi over spend less plea and tells Adani Ambani to help India

Congress hits back at Modi over spend less plea and tells Adani Ambani to help India

Congress leader V Hanumantha Rao derided Prime Minister Narendra Modi’s request that citizens “spend less,” targeting calls to curb fuel and gold consumption. He argued instead that India’s business leaders should step up. Telangana BJP chief N Ramchander Rao defended the stance, citing the need to conserve foreign exchange amid global fuel price swings and saying India has managed better.

Summarised by Beize from a story on The Economic Times on 12 May 2026

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No lockdown plans says Oil Minister Puri amid Modi call to save petrol and diesel

No lockdown plans says Oil Minister Puri amid Modi call to save petrol and diesel

Amid heightened tensions in West Asia and Prime Minister Modi’s appeal to conserve petrol and diesel, Oil Minister Hardeep Singh Puri dismissed any plans for a lockdown. He said LPG production has been boosted and urged people to cut fuel and foreign exchange spending—through practices like work from home and reducing costly travel and gold imports—while promoting self-reliance.

Summarised by Beize from a story on The Economic Times on 12 May 2026
India gold imports hit all time high pushing trade deficit and foreign exchange strain

India gold imports hit all time high pushing trade deficit and foreign exchange strain

India’s gold imports have surged to an all time high of $71.98 billion in 2025-26, fueled by rising global prices and new trade agreements. The spike is increasing the trade deficit and putting pressure on foreign exchange reserves. With concerns mounting, the government is reviewing trade policies to curb imports and protect economic stability.

Summarised by Beize from a story on The Economic Times on 12 May 2026
Jewellery stocks plunge up to 9% after Modi urges a year without gold purchases

Jewellery stocks plunge up to 9% after Modi urges a year without gold purchases

Gold jewellery stocks slumped as Prime Minister Modi urged Indians to avoid buying gold for a year to conserve foreign exchange. The move rattled investor sentiment and clouded the near-term outlook for companies in the sector. Still, analysts argue that deeper demand drivers like weddings and organized players could keep long-term consumption resilient.

Summarised by Beize from a story on The Economic Times on 12 May 2026
India Inc moves to curb gold buying and foreign travel after Modi’s FX warning

India Inc moves to curb gold buying and foreign travel after Modi’s FX warning

Indian businesses are reassessing spending and work-from-home practices after Prime Minister Narendra Modi urged citizens to save foreign exchange amid West Asia tensions. Industry leaders are pushing for more domestic investment as companies weigh travel and consumption changes. While jewellery stocks fell, the government denied any plan to raise gold or silver import duties, leaving firms to monitor market signals and adjust strategies.

Summarised by Beize from a story on The Economic Times on 12 May 2026

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Modi urges fuel saving as govt and India Inc plan war footing energy measures

Modi urges fuel saving as govt and India Inc plan war footing energy measures

India’s government is preparing consultations on managing fallout from the West Asia war, with PM Narendra Modi urging citizens to save fuel. Officials are considering measures to conserve energy and protect foreign exchange, while industry leaders are likely to be brought into discussions to keep supplies steady and limit economic pressure.

Summarised by Beize from a story on The Economic Times on 12 May 2026
Modi urges Indians to marry at Statue of Unity instead of abroad

Modi urges Indians to marry at Statue of Unity instead of abroad

PM Narendra Modi urged Indians to shift destination weddings abroad to the Statue of Unity in Gujarat, arguing it would curb spending of foreign currency during economic strain tied to the West Asia conflict. He suggested creating a dedicated wedding venue at the monument and claimed Sardar Sahab would be present to bless couples at ceremonies held there.

Summarised by Beize from a story on Republic on 11 May 2026
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