Gilding gold trade
When gold imports fell by over 30 per cent in April-September, it was widely believed that the yearning among Indians for the yellow metal had waned. The record $ 56.25 billion of imports in 2011-12 was, by this logic, a one-off affair. But contrary to expectations, the period from October to February have seen imports surge by almost 35 per cent, so much so that the fiscal just ended may have probably recorded only a marginal overall drop. That is certainly bad news for the country’s policymakers, concerned as they are with the current account deficit on the balance of payments that may touch an all-time-high of $ 95 billion, when official figures for 2012-13 are eventually out.
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