Centre calls for discouraging gold imports

Centre calls for discouraging gold imports

Worried over worsening balance of payment situation, the Economic Survey asked the government to take steps to discourage import of gold and consumer goods.

A trade deficit of more than 8 per cent of GDP and current account deficit (CAD) of more than 3 per cent is a sign of growing imbalance in India’s Balance of Payments (BoP), the survey said. India’s gold imports went up by 64 per cent to US$38.3 billion during the April-October period of this fiscal.

BoP summarises transactions between a country and the rest of the world, and the account classifies transactions under two heads - capital account and current account.

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