Following Prime Minister Narendra Modi’s austerity call and NITI Aayog’s recommendations on cost-cutting measures to cushion the Indian economy from the impact of the West Asia war, local businesses dealing in gold jewellery, automobiles and other expensive goods are anxiously watching customer footfall.The construction industry is already reeling under a crisis due to spiralling material costs, which have pushed overall building expenses up by nearly 20 per cent.Amritsar is among northern India’s leading gold ornament manufacturing hubs. Vijay Mehta, president of the Civil Lines Jewellers Association, said negative market sentiment had certainly set in and its effects would become visible in the coming days.“After all, it was only two days ago that the Prime Minister made this statement,” he said.He added that the government on Wednesday increased import duty on gold and silver to 15 per cent from six per cent, effectively implementing its earlier appeal to citizens to avoid buying imported goods.According to Mehta, the move may help save foreign exchange by reducing imports of precious metals at a time when the country’s import bill is rising because of the West Asia conflict. However, he warned that it would severely impact gold manufacturing units and jewellery stores.Expressing concern over the Aayog’s reported suggestion to avoid buying gold for the next year, he said purchasing gold ornaments was deeply embedded in Indian family traditions.He further said that regardless of sales, jewellery shops still have to bear fixed expenses such as employee wages, electricity bills, maintenance costs and several other operational expenditures. A large number of skilled artisans and unskilled workers are dependent on the jewellery industry for their livelihood.Two days after the Prime Minister urged Indians to collectively help the country deal with global economic disruptions, supply chain challenges and rising prices caused by the West Asia war, the effect was not immediately visible in traffic on the roads. However, people planning to buy expensive items are beginning to reconsider their decisions.Shruti Mehra, mother of two school-going children, said her family had been planning to buy a new car. However, the announcement from the highest level of government prompted them to pause briefly and observe market developments before making a final decision.Satwant Kaur, HR manager at a leading car dealership, said there had been only a marginal decline in walk-in customers so far, and the real impact would become clearer over the next week.Raj Kumar Aggarwal, architect, engineer and president of the Amritsar Architect Practitioners Association, said the NITI Aayog’s recommendation to halt construction activities for the next two years would have a massive impact on crores of people associated with the sector.He said the sharp rise in construction material prices had already stalled over 50 per cent of ongoing work, and the remaining projects could soon come to a halt. He also predicted a correction in skyrocketing real estate prices.