Gold imports seen at $38-40 billion in FY14: Rangarajan
Sep 13 2013 , New Delhi
That would be broadly flat from last fiscal year's $38 billion in imports, which helped push the country's current account deficit to a record 4.8 percent of gross domestic product.
In its report on the economy, the prime minister's economic advisory council headed by C. Rangarajan has projected gold and silver imports at $40 billion in the current fiscal year, of which gold imports alone would account for $38 billion.
The government and the Reserve Bank of India (RBI) have introduced tough measures to curb demand in the world's biggest buyer of bullion, including raising import duty to a record 10 percent and making importers sell 20 percent of all purchases into the export market.