India's gold imports to be throttled

The finance minister of India said his government will be taking further steps to dampen gold imports, according to a report by Bullion Street.

P. Chidambaram, who made the comments in London, said gold imports are causing a $64 billion fiscal deficit.

"Some measures may cause immediate pain but this was necessary to ensure that the fiscal deficit came down to 3 per cent in the next three years. Steps were also being taken to contain the Current Account Deficit."

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