India, the world’s largest bullion buyer, should mobilize idle gold lying with its citizens to curb imports and lower a record current-account deficit, according to the All India Gems & Jewellery Trade Federation.
India’s government won a vote in parliament’s upper house on foreign investment in supermarkets, securing a clean sweep of both chambers and raising expectations it will move ahead with further economic reforms.
Indian officials pledged to cut the widest budget deficit among the world’s largest emerging markets and curb public debt, as a report this week may show the economy grew at close to the slowest pace in three years.
India’s central bank will not compromise on its fight against inflation to address a cash deficit in the banking system, Deputy Governor Subir Gokarn said, indicating that policy makers will refrain from cutting the amount lenders need to set aside as reserves.
The Reserve Bank of India’s tomes on interest-rate policy made Subir Gokarn despair when he was a Standard & Poor’s economist. Now a deputy governor, he’s part of the biggest communication overhaul in the bank’s 77-year history.