Five steps to contain gold imports in India
Check on inflation, fiscal deficit
No decision will bear complete fruit unless the government controls macro economic factors like inflation and fiscal deficit. The main challenge before government is to first bring inflation to RBI’s comfort level of 5 to 6 percent.
Although headline inflation based on wholesale price index was at a three-year low of 6.62 percent in January but retail inflation still hovers at double digit (10.79 in January). The government should also work hard towards containing the ballooning fiscal deficit which directly hurts domestic currency. A weak rupee will also mean an escalation in price of gold and making the import gulf bigger.
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