India is considering emergency steps to shore up foreign-exchange reserves, including curbing non-essential imports like gold and electronic goods, and hiking fuel prices, to help cushion the economy from the fallout of the Iran war, people familiar with the matter said. Officials in the Prime Minister’s Office and Finance Ministry have held discussions with the Reserve Bank of India on several measures that could be taken to limit the damage from soaring oil prices, the people said asking not to be identified as the discussions are private. As rising tensions in West Asia continue to disrupt global supply chains and drive up import costs, Prime Minister Narendra Modi on Monday called on Indians to cut dependence on foreign goods, reduce fuel consumption and avoid discretionary overseas spending, saying every citizen must help ease the burden on the country’s resources during a time of global instability
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