Current Affairs 12

Gold Import bill may touch $100 billion By 2015-16

Gold Import bill

Gold import bill is expected to touch $100 billion by 2015-16 against $33.8 billion in 2010-11, according to the industry body ASSOCHAM report.

Calculated on the basis of CAGR of 2010-11 over 1999-2000, the gold import bill could total $100 billion by 2015-16, according to the report released.

According to the report, "gold imports are a huge burden on the balance of payments and accentuates the current account deficit. It represents a massive strain on investable resources and weaning away domestic
savings from gold assumes importance.

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