Gold imports curbs a must: Economic Survey
The value of gold imported during April-December of this fiscal fell by 14.7 per cent to USD 38.02 billion, while the volumes declined by 11.8 per cent from a year-ago period.
The report suggested the government to be vigilant regarding gold inflows through unauthorised channel.
Gold has been a combination of investment tool and status symbol in India. With limited access to financial instruments, especially in the rural areas, gold and silver are popular savings instruments. The recent economic uncertainty has seen people across the board buy gold.
The last three years have seen a substantial rise in gold imports contributing significantly to the current account deficit along with oil.
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