To Limit Gold Import, Government Needs to Make Domestic Production Easier
Gold is so popular in India that it’s created an economic problem for PM Narendra Modi. The country vies with China as the world’s biggest buyer of gold. Imports of the metal came to $35 billion last year and were equivalent to about 43% of the country’s current account deficit in the September quarter. In November, Modi launched a programme to lure private gold holdings to the market by getting banks to offer interest on items deposited in their vaults.
