India Gold Imports Fall 70% After Duty Hike | PM Modi Appeal Hits Demand

India's gold imports have witnessed a sharp decline after the government's duty hike and Prime Minister Narendra Modi's austerity appeal. According to sources, gold imports have fallen nearly 70%, dropping from 75–100 tonnes per month to just 25–30 tonnes. In May alone, gold imports declined 39% to $3.42 billion, reflecting weaker demand and the impact of higher import duties. Reported by Aishwarya Patil of Business Today TV, India is also taking significant steps to strengthen its energy security. Sources indicate that the government and oil marketing companies are exploring plans to expand crude oil reserve capacity from around 75 days to as much as 100–150 days. New storage locations are being evaluated across the country to safeguard against supply disruptions and geopolitical uncertainties.