NEW DELHI 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)
Trending On Reuters
Having quit his low-paid job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a state that has one of India's highest unemployment rates. He's a casualty of the global oil price collapse. Full Article