India’s gold market is driven primarily by the consumption and fabrication of the yellow metal. Both have a significant impact in terms of economic value add, employment, contribution to foreign exchange earnings, and the trade balance. A report commissioned by the World Gold Council from PricewaterhouseCoopers estimated that gold made a direct contribution of more than $30 billion to the Indian economy.
current account deficit
Customs Duty Hiked On Mobile Phone Parts And Other Communication Items
The Indian government has raised the basic customs duty on a number of items used in electronic and mobile communications in a move aimed at narrowing down the current account deficit.
India Current Account Deficit Widened to 2.4 percent – Gold Silver Reports
Gold Silver Reports (GSR) – India current account deficit widened to 2.4 percent of the gross domestic product in April-June from 1.9 percent in the previous quarter, according to the RBI data released on Friday. That was mainly due to a higher trade deficit because of rising fuel prices.
India’s Current Account Gap Widens as Trade Blowout Hits
Gold Silver Reports – India’s current account deficit widened from last quarter, with potential to hurt the rupee before an expected rise in interest rates by the U.S. Federal Reserve next week.
India’s Current Account Deficit Shrinks More Than Estimated
Gold Silver Reports – India’s current account deficit narrowed more than estimated last quarter, which could help the rupee before an expected rise in interest rates by the U.S. Federal Reserve.