08/12/2012 08:37:00

India Central Bank: To Suggest Steps To Reduce Demand For Gold Imports

By Sudeep Jain

MUMBAI--India's central bank will soon release a report making recommendations on how to reduce demand for gold imports, which would help improve the country's trade balance, a top central bank official said Saturday.

The report focuses on steps to enable the public to invest in gold without possessing it in its physical form, Reserve Bank of India Deputy Governor Subir Gokarn said at a management conference.

Mr. Gokarn didn't specify when the report would be released.

Stubbornly high inflation and a sluggish stock market have led Indians investors to ramp up purchases of gold over the past few years.

Gold imports, after oil, are the key reason for India's gaping current-account deficit, according to government data. The gap, as a proportion of gross domestic product, was 3.9% in the April-June period, outside the RBI's 2%-3% comfort zone.

Mr. Gokarn also reiterated the central bank's commitment to fight inflation, despite the sharp slowdown in the economy.

Getting inflation under control "is in the long-term interest of the economy in terms of supporting growth," he said.

The RBI's next rate-setting meeting is scheduled for Dec. 18. It left rates unchanged at its previous four meetings after a half-a-percentage-point reduction in April, which was its first rate cut in three years.

Write to Sudeep Jain at sudeep.jain@dowjones.com

(END) Dow Jones Newswires

December 08, 2012 03:37 ET (08:37 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
27 Jan
OMXC20
  Jeg er blevet bedt om at beskrive, hvordan man arbejder effektivt som investor. Det vil jeg gerne,..
82
26 Jan
PNDORA
At forstå Pandora er ikke bare at elske eller hade charms og evt. kalde selskabets smykker for "blik..
42
24 Jan
VWS
  På den lille ø Rügen ud for Stralsund i Tyskland var der under 2. verdenskrig en del af Hitlers vå..
25
24 Jan
VWS
Jeg kan da ikke tale en skid op. Men jeg kan dele et overblik over selskabet som andre ikke har. Men..
19
27 Jan
OMXC20
Dagblabdet Børsen bruger spalteplads til at hylde daytradere, der scorer kassen på højt gearede posi..
17
25 Jan
TORM
Torm havde væsentligt flere skibe i 2008 end de har nu, så jeg tror ikke du skal være så ked af, at ..
17
29 Jan
I:SP500
En del skribenter herinde, skriver om kursstyrt, hver gang et toneangivende index dykker, således og..
15
28 Jan
TORM
Jeg har nu i mere end 6 måneder advaret imod Torm som er 0 DKK værd..   Mange har fået en lektion so..
15
24 Jan
VWS
I stedet for at bruge så mange kræfter på mig syntes jeg at du skulle bruge dem på at lave de kritis..
15
28 Jan
BAVA
AA solgte alle aktier og betalte sin gæld. Han har lidt til overs og viser aktionærerne, at han stad..
14

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

U.S. Hot Stocks: Hot Stocks to Watch

03/02/2014 14:07:00
Among the companies with shares expected to actively trade in Monday's session is Herbalife Ltd. (HLF). Herbalife Ltd. (HLF) raised its fourth-quarter outl..

Pfizer Study Meets Primary Endpoints

03/02/2014 13:05:00
Pfizer Inc. (PFE) said Monday that a Phase 2 trial of its advanced breast cancer treatment met its primary endpoint. Pfizer said a study comparing the effec..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Ashland Inc. enters into approximately $270 million share repurchase agreements
2
Minerals Technologies Reports Fourth Quarter Earnings per Share of $1.22, Excluding Special Items, A 100-Percent Increase over Prior Year; Reported Earnings were $0.61 per Share
3
Results from the extraordinary general meeting of NunaMinerals A/S on 29 January 2015
4
BLACKPEARL ANNOUNCES 2014 YEAR-END RESERVES AND CONTINGENT RESOURCE ESTIMATES AND PROVIDES PRODUCTION UPDATE
5
Coloplast delivers stable growth in first quarter, but lowers its full-year sales growth guidance due to challenges in the UK an

Copyright Euroinvestor A/S 2015   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
30 January 2015 06:20:56
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150128.1 - EUROWEB7 - 2015-01-30 07:20:56 - 2015-01-30 06:20:56 - 1000 - Website: OKAY