India is considering emergency measures to safeguard its foreign exchange reserves.

Multiple informed sources revealed that India is considering implementing emergency measures to strengthen foreign exchange reserves, including restricting the import of non-essential items such as gold and electronic products, as well as increasing fuel prices to cushion the impact of the conflict in Iran on the domestic economy. Sources said that the Prime Minister's Office and officials from the Ministry of Finance have been in discussions with the Reserve Bank of India on a number of measures aimed at mitigating the negative effects of soaring oil prices. As the discussions are part of internal, undisclosed agendas, the sources requested to remain anonymous. It was reported that one of the proposed measures being discussed is an increase in fuel prices. This would potentially be the first fuel price hike in India since the outbreak of the conflict in Iran, coinciding with Prime Minister Modi's recent landslide victory in local elections. The sources mentioned that these emergency measures have not been finalized yet. One source mentioned that gold and consumer electronics are classified as non-essential imported goods, and India may introduce policies to restrict the import of such items. Officials are concerned about the continuous expansion of the current account deficit, and these series of measures are aimed at curbing imports and safeguarding foreign exchange reserves. The Ministry of Finance and the Reserve Bank of India did not respond to requests for comments from journalists.