Chidambaram, Finance Minister of India, said India will take whatever it can do for curbing import of gold.
India's import of gold and silver shot up 138% in April 2013. This has direct impact on India's trade and current account deficit. It may force RBI not to ease monetary policy, though there is a recent slowdown in inflation.
But as observed, in India, gold is not a luxury, it is a necessity. And as gold is now available at a comparatively lower rates (as compared to all time high), demand in India will surely surge.
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