Indian Prime Minister Narendra Modi was elected with the expectation India would liberalize gold import duties and other restrictions. Thus far, the Modi government has dragged its feet, executing only modest changes.
Plummeting crude oil import costs have helped tame India’s trade deficit. But after curtailing normal gold demand in a stepped-up effort since the April 2013 gold cartel attack, Indian gold consumers are once again backing up the truck. India imported an estimated 125 metric tons of gold last month, enough to strike fear among Modi officials preoccupied with India’s current account deficit. Perhaps US Treasury Secretary Jack Lew placed a friendly call too.
More http://bit.ly/1IFJtsR
'via Blog this'
No comments:
Post a Comment