Gold import: Drag on economy

..... One shudders to think of the 1991 crisis. Although the policy- makers - both the Ministry of Finance and RBI - seem to have recognised the problem, the measures taken are inadequate. A small rise in customs duty is unlikely to reduce gold imports. What is required is a drastic step, including a quantitative ceiling on gold imports. One hopes the authorities would not take a decade to realise the seriousness of problem and take drastic measures immediately............


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