Finance Minister P Chidambaram on Monday indicated more steps could be taken to check gold imports, in the face of a record current account deficit (CAD).
“Some more steps, if necessary, would have to be taken, but I appeal to the people of India to contain their passion for gold,&" Chidambaram told reporters on the sidelines of the Annual Day function of the Competition Commission of India (CCI).
Gold imports came down a bit to $53.8 billion in 2012-13 from $56.5 bn in the previous year but the level was still elevated. These imports accounted for almost a sixth of the $322 bn of non-oil imports in 2012-13. The CAD was a record 6.7 per cent of gross domestic product in the third quarter of 2012-13. These imports jumped 138 per cent (over a year) to $7.5 bn last month, the highest so far this year, pushing up the trade deficit (for the month) to $17.7 billion.
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