Gold import seen at $100 billion by 2015-16:Assocham

Gold import seen at $100 billion by 2015-16:Assocham

New Delhi: India’s gold import bill could rise to $100 billion by 2015-16 putting pressure on the current account deficit, and must therefore be monitored with the help of high import duty, a statement from industry lobby group Associated Chambers of Commerce and Industry of India (Assocham) said on Tuesday.

The government should undertake extensive education campaigns and encourage channelising savings in formal financial instruments the statement said. “Post offices – especially in rural areas – should be used to sell such government guaranteed instruments to extend their reach throughout the country," it added. Gold is India’s second largest import after crude oil and in 2011, the country imported 933.4 tonnes, down from 1,006.3 tonnes in the previous year.

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