They Swore “No Duty Hike” Just 14 Hours Ago – Then Slapped 10% on Gold Anyway. How Stupid Do They Think We Are?
Listen up, because this one stings. prime minister Modi goes on national tv and emotionally pleads with indians to stop buying gold for a year – save the rupee, ease the import bill, be patriotic. Hours later, Economic Times drops a soothing story: “No plan to hike gold import duty, says government official.” Relief floods the market. Jewellers breathe easy. people think, okay, at least they’re not punishing us for loving gold the way we always have.
Then, fourteen measly hours later, the axe falls. Late on May 12, the government quietly hikes basic customs duty to 10% plus 5% AIDC – total effective hit around 15%. Effective tomorrow. gold, silver, platinum, jewellery components – everything just got brutally expensive. The same government that swore “no plans” did a 180 so fast it made your head spin.
And that, right there, is the brutal truth no one wants to say out loud.
First, the timing isn’t a coincidence – it’s contempt. They planted the denial to calm the markets and jewellers after Modi’s appeal. Let the frenzy die down, then strike while everyone’s distracted. Classic bait-and-switch.
Second, it exposes the casual dishonesty. A senior “government official” fed ET a flat-out lie. No clarification, no apology, no “we changed our mind.” Just silence and a Gazette notification after midnight. This isn’t governance. This is gaslighting an entire nation that holds 27,000 tonnes of gold in its lockers and homes.
Third, it proves the pattern: appeal to emotion, deny the pain, then quietly pass the cost to ordinary people. gold isn’t some luxury for the rich here – it’s security, wedding dreams, generational wealth. Hike the duty and watch black markets boom again, exactly like the 1960s-90s smuggling era.
Fourth, credibility is now zero. When the next “official denial” drops – fuel prices, rupee crisis, whatever – who the hell is going to believe it? They just torched whatever little trust was left.
Bottom line: This wasn’t policy. It was a slap in the data-face wrapped in a press release. And indians aren’t stupid. We see you. We remember.