All that is wrong with our gold policy

Given the stubborn current account deficit in our balance payments position, the need of the hour is to be frugal with imports. Oil imports, which lead the import list, are unavoidable, but the import of the second largest item in the basket — gold — is indeed amenable to a steep reduction, if not elimination. The ongoing financial year will go down in our fiscal history as the one in which a record quantity of gold, nearly 1,000 tonnes, was imported.

Read Full Story>>