Five steps to contain gold imports in India
Gold imports: A curse for fiscal health
Gold is the second highest contributor to India`s import bill after petroleum product.
In the first three quarters of the current financial year, India imported gold worth nearly USD 38 billion. Total value of gold import in 2011-12 was USD 56.5 billion.
An RBI panel has recently stated that high returns, high liquidity and no tax and documentation related hassles make gold a sought-after investment option.
To mitigate the current account deficit (which is at record high of 5.4 percent in the second quarter ended September 2012) and improve the fiscal health, the government can contemplate the following steps to contain gold imports in India.
Ajeet Kumar/Reema Sharma
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