The Indian government has initiated a series of macroeconomic interventions, including increased import duties on precious metals and public appeals for austerity, to stabilize the national currency and preserve foreign exchange reserves amid geopolitical instability in West Asia.

面對西亞地緣政治不穩定，印度政府採取了一系列宏觀經濟干預措施，包括調高貴金屬進口關稅及呼籲大眾實行緊縮，以穩定國家貨幣並保留外匯儲備。

The current economic climate is characterized by a divergence between India's robust macroeconomic fundamentals—evidenced by an average GDP expansion of 7.3% and foreign exchange reserves of $691 billion for the period ending FY26—and the precipitous depreciation of the rupee, which reached a record low of 95.68 against the US dollar. This currency volatility is attributed to a combination of unrelenting portfolio capital outflows, the highest since 1991, and the rupee's historical utilization as a shock absorber for exports. The situation is further exacerbated by the West Asia crisis, which has disrupted critical shipping routes, specifically the Strait of Hormuz, thereby inflating the cost of essential energy imports. Given that India imports approximately 85% of its fuel requirements, the resulting merchandise trade deficit, exceeding $330 billion in FY26, has placed significant pressure on the current account deficit (CAD).

目前的經濟環境呈現出明顯的分歧：一方面印度擁有強勁的宏觀經濟基本面——FY26 結算期的平均 GDP 成長 7.3%，且外匯儲備達 6,910 億美元；但另一方面，盧比匯率劇烈貶值，兌美元跌至 95.68 的歷史低點。這種貨幣波動歸因於自 1991 年以來最高且持續不斷的投資組合資本外流，以及盧比在歷史上被用作出口緩衝的機制。西亞危機 further 加劇了情況，擾亂了關鍵航道（特別是霍爾木茲海峽），進而推高了必要能源的進口成本。鑑於印度約 85% 的燃料需求依賴進口，導致 FY26 的貨幣貿易逆差超過 3,300 億美元，對經常帳逆差 (CAD) 造成顯著壓力。

In response, the administration has shifted toward a policy of calibrated demand deflation. Central to this strategy is the upward revision of customs duties on gold and silver from 6% to 15%, effective May 13, 2026. This adjustment comprises a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). Complementary regulatory amendments have clarified the taxation of 'jewellery findings' and provided concessional AIDC rates for certified precious metal recycling. These fiscal measures are intended to moderate non-essential imports and redirect foreign exchange toward strategic priorities such as defense, critical technologies, and food security. Concurrently, Prime Minister Narendra Modi has advocated for behavioral shifts, including the adoption of remote work, carpooling, and the deferment of gold acquisitions and international travel to reduce forex outflows.

對此，政府已轉向採取精準的需求緊縮政策。該策略的核心是將金與銀的關稅從 6% 上調至 15%，於 2026 年 5 月 13 日生效。此次調整包含 10% 的基本關稅及 5% 的農業基礎設施與發展稅 (AIDC)。配套的法規修正案明確了「珠寶配件」的課稅方式，並為經認證的貴金屬回收提供 AIDC 優惠稅率。這些財政措施旨在抑制非必要進口，將外匯導向國防、關鍵技術及糧食安全等戰略重點。同時，總理莫迪呼籲民眾改變行為，包括採取遠端工作、共乘汽車，以及推遲購買黃金與出國旅遊，以減少外匯流出。

Stakeholder responses to these interventions remain bifurcated. Financial analysts suggest that while gold financing firms may benefit from increased collateral values, jewellery manufacturers and discretionary consumers may face diminished demand. Furthermore, industry representatives have expressed concerns regarding the potential resurgence of smuggling due to higher tariffs and the economic impact on approximately three crore artisans. From a systemic perspective, there are proposals to develop a Brics+ currency to reduce reliance on the US dollar and to expand the national gold monetisation policy to further mitigate import dependencies.

相關利害關係人對這些干預措施的反應分歧。金融分析師認為，黃金融資公司可能會受益於抵押品價值的提升，但珠寶製造商和非必需品消費者可能面臨需求下降。此外，業界代表對高關稅可能導致走私回潮以及對約 3,000 萬名手工藝人造成的經濟影響表示擔憂。從系統角度來看，有建議開發 Brics+ 貨幣以減少對美元的依賴，並擴大國家黃金貨幣化政策，以進一步緩解進口依賴。

India is currently employing a combination of targeted tariff hikes and austerity measures to defend the rupee and manage its balance of payments against the backdrop of sustained geopolitical volatility.

在持續的地緣政治波動背景下，印度目前正採取針對性調高關稅與緊縮措施，以捍衛盧比並管理其國際收支。