Chidambaram: more steps to cut gold imports if needed
NEW DELHI (Reuters) - India will take more steps if necessary to curb gold imports, Finance Minister P. Chidambaram said on Monday, after the country's overseas purchases of gold and silver shot up 138 percent in April.
The spike in gold imports has increased pressure on the country's trade and current account deficits, and limited the scope for monetary easing by the Reserve Bank of India (RBI), despite a recent slowdown in inflation.
(Reporting by Rajesh Kumar Singh; Writing by Matthias Williams; Editing by Devidutta Tripathy)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Surprise Rate Cut
The Reserve Bank of India (RBI) unexpectedly lowered its policy rate for the second time this year on Wednesday, backing a government that is pushing to revive economic growth as inflation cools. Full Article | Video