World Economy
0

India Gold Imports Rising

India Gold Imports RisingIndia Gold Imports Rising

A “phenomenal” rise in India’s gold imports is a concern and the government will watch the impact from a recent easing in gold import rules, Trade Secretary Rajeev Kher said on Tuesday. Gold imports jumped 34% in November to $5.61 billion, sending India’s trade deficit to a 18 month high, data showed late on Monday, Reuters said. Despite the surge in gold imports, India late last month scrapped a rule mandating traders to export 20% of all gold imported into the country. Kher, at an event in Mumbai, also said the rupee at 60-62 per dollar was good for exporters, although he added he would be a “little more concerned” if the rupee falls further.

Financialtribune.com