The move is aimed at narrowing the trade deficit and offsetting the impact of the Middle East conflict India has doubled its import tariffs on gold and silver to cushion the impact of the Middle East conflict on its foreign exchange reserves. New Delhi has imposed a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess on gold and silver imports, raising the effective import tax from 6% to 15%. The move is aimed at curtailing overseas purchases and easing the pressure on its foreign exchange reserves. This comes days after Prime Minister Narendra Modi advocated steps including refraining from gold purchases and reducing the use of fuel as part of an effort to minimize the economic shocks arising from the Middle East conflict. The government is reportedly considering a host of measures including a fuel price hike and restrictions on non-essential spending to shield its foreign exchange reserves.…