India’s economic messaging has undergone a subtle but unmistakable shift over the past week. For years, governments celebrated rising consumption as proof of national progress. Today, the language coming from New Delhi is increasingly about restraint, conservation and economic discipline. The change is no longer theoretical. Within days of urging citizens to avoid non-essential gold purchases, reduce fuel consumption and cut avoidable foreign travel, the Centre sharply raised import duties on gold and silver from 6 per cent to 15 per cent.

The move is officially aimed at protecting foreign exchange reserves and reducing pressure on the rupee. But it marks something larger: the beginning of a quiet economic adjustment to an increasingly unstable world order. India’s vulnerability is structural. The country remains heavily dependent on imported crude oil, edible oils, and precious metals. The Iran conflict has sharply increased fears of supply disruptions and higher shipping costs across West Asia. Simultaneously, the rupee has weakened, making every dollar-denominated import more expensive.

A weak monsoon linked to El Niño conditions could........

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