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>> RESERVE BANK OF INDIA Latest News

MAR 28, 2013 - Business Insider

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Gold Imports Send India's Current Account Deficit To A Record High (GLD)

India's current account deficit hit a record high of 6.7 percent of GDP in Q3, according to the latest release by the Reserve Bank of India. This is up from 5.4 percent of GDP the previous quarter. While exports didn't register "any significant growth", imports were up 9.4 percent driven by imports of gold and oil.  The central bank didn't quantify the increase in gold imports but the government has for sometime blamed them for the rise in the nation's current account deficit. Last year's budget saw the government double gold import taxes for the second time in a year, to curb demand. ... Read More

Tags: Gold Imports Send India's Current Account Deficit To A Record High (GLD),  Reserve Bank Of India Latest News