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Impact Mitigation Measures
Overview of primary economic interventions taken by India
Primary Sources
India's Top Officials Rally Behind Economy as Oil Crisis Bites
India's top officials sought to allay concerns about the economy as soaring oil prices roiled financial markets and the currency and weighed on growth prospects.
A look at India's measures to cushion oil shock amid soaring prices
By Malavika Kaur Makol and Subhadip Sircar India is rushing to contain the fallout of the Iran war, as soaring oil prices hammer the rupee and drive record foreign outflows from local stocks. From curbing gold imports and raising fuel prices to tightening currency-market rules, authorities have stepped up efforts to conserve dollars, with the rupee hitting a new low Tuesday. A 50 per cent surge in oil prices since the start of the war means a ballooning import bill and rising inflationary pressures for the world’s third-largest oil consumer. Here’s a look at the measures so far and what the country could do going forward to limit the damage from the West Asia conflict: Higher fuel prices India’s state-run refiners on Tuesday raised fuel prices for the second time in less than a week, extending a round of increases aimed at easing pressure from surging crude costs. Also Read Diesel and gasoline prices were increased by over 3 per cent last week, a modest hike compared to the surge in crude. The move reflects the government is trying to balance inflationary and fiscal pressures, and may go for staggered hikes as seen in the past. Gold, silver tariffs The government more than doubled import taxes on gold and silver to about 15 per cent from 6 per cent to defend its currency, following a rare appeal from Prime Minister Narendra Modi to forgo purchases of the yellow metal. The world’s second-largest bullion market also tightened the rules for silver imports after the rupee sank to an all-time low. The import of silver bars is now “restricted” rather than “free”, meaning only shipments licensed by the Directorate General of Foreign Trade can be brought into the country. Rupee defence The Reserve Bank of India has stepped in to defend the rupee, with foreign exchange reserves down about $32 billion since the start of the war. It clamped down on speculation in the currency markets, restricting banks from undertaking the full range of FX derivative deals with related parties, and a $100 million cap on onshore open positions for lenders. India is considering a reduction in taxes paid by foreign investors on the nation’s bonds as authorities try to curb the rupee’s depreciation, according to people familiar with the matter. The central bank is also weighing a plan for state lenders to sell foreign-currency bonds, mulling a tool last used nearly three decades ago to draw capital inflows. Edible oil imports The world’s top edible oil buyer is considering ...
Amid oil price shock and global tensions, PM Modi to chair high-level ...
PM Modi will chair a Council of Ministers meeting in Delhi amid rising fuel prices and global energy concerns linked to West Asia tensions.
crude oil crisis News and Updates from The Economic Times - Page 1
SEARCHED FOR:Govt gives up Rs 14,000 crore in tax revenue after excise duty cut on petrol and diesel: Petroleum MinistryThe Indian government has sacrificed nearly Rs 14,000 crore in tax revenue by lowering excise duty on petrol and diesel. This move aims to protect consumers from rising fuel prices driven by the West Asia crisis. Despite this, oil companies continue to face daily losses.25 May, 2026, 06:21 PM ISTWest Asia crisis not a diplomatic issue, will lead to higher fuel costs for common man: Finance Minister Nirmala SitharamanFuel prices have risen again. Union Finance Minister Nirmala Sitharaman highlighted the West Asia crisis impact. She stated this crisis means higher fuel costs for citizens. The government is foregoing Rs 1 lakh crore in revenue. This is due to excise duty cuts on petrol and diesel. The government aims to protect citizens and businesses.25 May, 2026, 03:55 PM ISTRahul Gandhi is 'Bhasmasur', spreading anarchy: BJP's Gaurav Bhatia hits out over 'government will fall' remark"This is the time for a global crisis, but we have seen how India faces this challenge strongly. You know a toolkit model, destroy, immature, this is Rahul Gandhi's product. I want to tell Bhasmasur, Rahul Gandhi is now Astrologer..if Rahul Gandhi wants India's anarchy, we are determined to develop our country..why Rahul Gandhi spread hate? Will he not be a LOP work for nation's development?" Bhatia said.25 May, 2026, 03:24 PM ISTThe three Fs that Sitharaman flagged as India braces for a widening global oil shock, forex strainIn light of increasing global unrest from the West Asia crisis and fluctuations in the energy sector, Finance Minister Nirmala Sitharaman is advocating for a concentrated approach to managing fuel, fertiliser, and foreign exchange resources. Prime Minister Modi's recent appeals to conserve foreign currency and reduce discretionary imports underscore this strategy.25 May, 2026, 02:27 PM ISTCongress calls fuel hikes "silent tax on households", accuses govt of "corporate protection racket"Fuel prices have risen for the fourth time in ten days. Congress leaders condemn these increases as a silent tax on Indian households. They accuse Prime Minister Narendra Modi of prioritizing corporate interests over public welfare. These hikes impact daily essentials and household budgets across the nation.25 May, 2026, 11:36 AM ISTPakistan eyes Gulf-backed oil reserve hub at Gwadar amid Strait of Hormuz tensionsPakistan is encouraging Persian Gulf oil pro...
