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
31 Jul
TORM-A
Mit syn på Torm, og hvorfor jeg mener der er penge at hente som investor.    Der er 95,7 mia. Torm-a..
25
31 Jul
ZEAL
Mange taler om LixiLan og hvor stort det kan blive - inklusiv mig selv!   Men Zealands lidt upræcise..
23
28 Jul
VWS
Hej Maui,   Tak for et nuanceret indlæg, med en meget fin beskrivelse af dine tanker omkring Vestas ..
18
01 Aug
ZEAL
Jeg skrev igår et indlæg om et projekt hos Zealand Pharma som indenfor meget overskuelig fremtid kan..
15
31 Jul
 
Kan vi ikke få en service meddelelse på hvad der sker med alle de korrreanske spam indlæg der flyder..
15
29 Jul
OMXC20
Delfin har et indlæg om Varoufakis fra Lars Tvede som 10 personer har tomlet op. Læren er at Varoufa..
15
03 Aug
TORM-A
  Et kig på prospektet i Torm       13.4.2.2 Prospective consolidated financial information for the ..
11
01 Aug
EXQ
Jeg opdagede for et par uger siden at inrater.com havde lavet et system hvor man kunne oprette en mo..
11
29 Jul
I:DAX
Alpe påstår ikke som dig at kunne forudsige markedet i detaljer, derimod giver han bud på sandsynlig..
11
03 Aug
VWS
Energiwatch beskriver det ligefrem som at "Suzlon haler vinder ind på Vestas".   Hvad Børsen, Energi..
10

Form 8.3 - RSA Insurance Group

04/08/2015 10:45:13
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Form 8.5 (EPT/RI) - Bwin.Party Digital Entertainment plc

04/08/2015 07:32:59
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY..

Alliance Trust PLC : Net Asset Value(s)

03/08/2015 13:39:38
ALLIANCE TRUST PLC At the close of business on Friday 31 July 2015, the unaudited net asset value per ordinary share of 2.5p, valued on a bid price bas..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
INGREDION COMPLETES ACQUISITION OF KERR CONCENTRATES, INC.
2
Endurance Reports Second Quarter 2015 Financial Results
3
Crédit Agricole SA is adjusting its organisation to oversee its transformations and enhance collective performance
4
JCPenney Announces Two Senior Executive Appointments to Propel its Omnichannel Growth Strategy
5
Multi-Color Corporation Announces Date of First Quarter FY 2016 Financial Results Conference Call and Webcast

Buy and sell signals

  • Trend
  • Moneymachine

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.
 
04 August 2015 12:39:45
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150803.2 - EUROWEB3 - 2015-08-04 13:39:45 - 2015-08-04 12:39:45 - 1000 - Website: OKAY